End of week 15Mar19. Nice little run from Quilter on the back of a weaker $ZAR/GBP (
GBPZAR). Impala also continued its run, bringing YTD growth now to 75%. Another newbie in the "runners" list is MultiChoice. FTSE/JSE Allshare ( $JSE:J203) Top5 oversold/overbought according to 14day RSI indicator as follow:
DLT 12
TON 17
ADH 23
REB 23
$JSE:MNK 24
QLT 87
DTC 80
IMP 80
MCG 79
$JSE:NHM 75
Spending a bit of time on Quilter. Justified run and when you look at the graph compared to the ZAR/GBP, you can clearly see the reason, “why”. QLT now trading very close to its September and all-time highs. The worry I have is that the Rand was under extra pressure lately. Add to that a possible breather in the GBP, QLT could be seen as overbought over the shorter-term.
On the upside, I’m watching the R28 level (stop-loss). Downside however worry me a bit, with a possible pullback eyeing that top of the wedge at R25.25. A break through those levels, only see support at the 50-day moving average at R23. At 87, the 14 day RSI confirm that the share is highly overbought.
According to Thomson Reuters consensus forecasts, analysts got a HOLD on the company and still see possible upside of 7.6% in the share price (expected one year forward)
GBPZAR). Impala also continued its run, bringing YTD growth now to 75%. Another newbie in the "runners" list is MultiChoice. FTSE/JSE Allshare ( $JSE:J203) Top5 oversold/overbought according to 14day RSI indicator as follow:DLT 12TON 17ADH 23REB 23$JSE:MNK 24
QLT 87DTC 80IMP 80MCG 79$JSE:NHM 75
Spending a bit of time on Quilter. Justified run and when you look at the graph compared to the ZAR/GBP, you can clearly see the reason, “why”. QLT now trading very close to its September and all-time highs. The worry I have is that the Rand was under extra pressure lately. Add to that a possible breather in the GBP, QLT could be seen as overbought over the shorter-term.
On the upside, I’m watching the R28 level (stop-loss). Downside however worry me a bit, with a possible pullback eyeing that top of the wedge at R25.25. A break through those levels, only see support at the 50-day moving average at R23. At 87, the 14 day RSI confirm that the share is highly overbought.
According to Thomson Reuters consensus forecasts, analysts got a HOLD on the company and still see possible upside of 7.6% in the share price (expected one year forward)
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.