Clicks is in a bearish trend with price restricted by the resistance line. The expectation is for price to continue trending down & break below the lower support line. At the same time RSI 14 (not shown here) should reach oversold conditions & turn upwards. If price goes below 26 September low then the major trend becomes bearish. After price makes a swing low...
In previous trade idea, we looked at GFI forming an important breakout point. Area around R190 was strong resistance. Now price is consolidating in a symmetrical triangle. The expectation is for price to break to the upside taking out resistance. However beware of a fake move to the downside of the triangle before powering higher.
BHG price is close to upper resistance, price can have a short-term pullback before attempting new highs on a weekly basis. The RSI4 is close to being overbought while it has been 21 weeks since a low on the share. The expectation is for price to make a swing high on the weekly chart & begin a downtrend which can allow the RSI to cool, price is then expected to...
The share is in a bearish wedge with expectation to break to the downside. The move down would have extend further but is expected to be halted by the bottom trendline of the channel. Open a long position on price finding support at trendline or when it makes a swing low indicating a reversal to the upside with expectation of breaking out of the channel resistance.
The dollar has found some resistance while backtesting the recent high. First task is to go below the smaller pink line, if it can reach the circle we can expect a turn due to confluence of support (Fib level plus trendline). Meantime we can expect risk assets to move higher in that time. We can expect the Johannesburg Top40 to move higher then pause as the dollar...
African Rainbow price is constricted between resistance and rising support forming an ascending triangle. In previous instances ARM showed this price action, price broke to the downside. There is a high probability of the same. Price closing above the resistance line on a weekly basis would be a stop loss for a short position then closely watch for a false...
ANH has laboured to move higher & is facing the following headwinds: 1. RSI is struggling to make a new high despite price going higher (RSI in overbought territory) 2. Each rally is being sold off around current area of resistance Once price makes a swing high, that will be the cue to open a short position targeting take profit on a swing low confirmation below...
The JSE Top40 daily chart is showing exhaustion, one can make a case for a confluence of resistance around current price level while RSI is turning from an overbought position. Today (16th Nov) price has confirmed a swing high which increases the confidence that we are heading down & price will have to go below the blue uptrend support before finding a low. The...
Price action in Prosus shows it in intermediate phase of decline with a low targeting late November to mid-December. It presents an attractive short with price set to go below the pink inclining trendline. When price makes a swing low after hitting the trendline would be time to close shorts and go long. Risk: Price closing above the green trendline on a weekly...
The JSE being in an ambiguous phase of cycles, Aspen can be a good proposition to balance out the long positions. The short position is informed on the following: 1. Price went lower than 29 August (pink arrow) 2. The upper trendline is acting as a resistance now confirmed with 3 touches A swing high confirmation is a good entry point with expectation to close...
Richemont price has been making lower highs with resistance from August, price has formed a rising wedge. On the hourly chart price is showing oversold and can be expected to rise with lower trendline giving support for a brief period. If price reaches the resistance line & rejected go short, alternatively if price breaks below the support line of the wedge....
While expectation is for the US dollar to give respite to risky assets, there is a hidden possibility that the JSE Top 40 has resumed a downtrend after an attempt of a rally from 15 July to 16 August (Bear Market Rally). 1 September would have marked a cycle low but a higher high, the breach of this price means downtrend has resumed with possible bottom in late...
Sasol price has gone below the price of 30 September signaling that more downside is coming restricted by the upper green trendline. Ideally price should reach the orange circle before where shorts can be closed and go long. Price closing the week above the resistance green trendline will be the stop loss.
Gold Fields has confirmed a weekly swing low, now needs to move above the green line to confirm trend change on a weekly time frame. R180-190 level will be strong resistance and a swing high on the daily time frame around this price is good for taking some profits.
Price has been in a downtrend but now approaching conditions for confirming trend reversal to the upside. When a swing low is confirmed, I expect price to move upwards & close the gap and breach the trendline. That would be an area to take profit +20% as this will be a relief rally after which we will assess the strength of resistance to push price downwards.
The JSE Top40 index is seeking a daily cycle low with high odds of a weekly low. Price is reversing from the orange trendline that has supported price through the cycle decline. To confirm a a daily cycle price must move & close above the pink trendline on a daily timeframe.
Allianza (TARSF) OTC has broken the downtrend on a monthly chart, if it gets above the 12 month moving average then fireworks can turn into atomic blast off to recent highs.
Been watching the pullback in Mega, now it has touched an a point of support trendline and an arc. Should offer good entry point.