Sanlam broken out of Falling Wedge target to R63.69
Falling Wedge formed since 1 Feb 2023.
Only yesterday, we had the confirmed breakout showing strong buying and demand.
Price>200 Bullish
RSI >50
Target R63.69
SMC
Below the Wedge we have Sell Side Liquidity Order block. Where Smart money is buying where retail were selling. This gives a strong signal that high buying volume was trumping selling.
Very bullish for the stock.
ABOUT THE COMPANY
Early Roots: Sanlam was founded in 1918, originally as a life insurance company named The South African National Life Assurance Company.
Public Company: In 1998, Sanlam demutualised, changing its status from a mutual life insurance company owned by its policyholders to a public company listed on the Johannesburg and Namibian Stock Exchanges.
Wide Range of Services: Sanlam provides financial solutions in a broad range of areas, including insurance (life and general), financial planning, retirement annuities, trusts, wills, short-term insurance, asset management, risk management, and capital market activities.
Global Presence: Sanlam operates across 33 countries. It has a particularly strong presence in Africa, where it operates in many of the continent's major markets.
Five Business Clusters: Sanlam's operations are organised into five business clusters: Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate, and Santam.
Santam Subsidiary: Sanlam owns a majority stake in Santam, which is South Africa's largest short-term insurer.
Only yesterday, we had the confirmed breakout showing strong buying and demand.
Price>200 Bullish
RSI >50
Target R63.69
SMC
Below the Wedge we have Sell Side Liquidity Order block. Where Smart money is buying where retail were selling. This gives a strong signal that high buying volume was trumping selling.
Very bullish for the stock.
ABOUT THE COMPANY
Early Roots: Sanlam was founded in 1918, originally as a life insurance company named The South African National Life Assurance Company.
Public Company: In 1998, Sanlam demutualised, changing its status from a mutual life insurance company owned by its policyholders to a public company listed on the Johannesburg and Namibian Stock Exchanges.
Wide Range of Services: Sanlam provides financial solutions in a broad range of areas, including insurance (life and general), financial planning, retirement annuities, trusts, wills, short-term insurance, asset management, risk management, and capital market activities.
Global Presence: Sanlam operates across 33 countries. It has a particularly strong presence in Africa, where it operates in many of the continent's major markets.
Five Business Clusters: Sanlam's operations are organised into five business clusters: Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate, and Santam.
Santam Subsidiary: Sanlam owns a majority stake in Santam, which is South Africa's largest short-term insurer.
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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