Sasol Trade Plan 17/08/2020
We have seen Sasol break the R 151 mark at the most unlikeliest of times. This was of course when news of the impairment was publicized and a lot of people were expecting a massive drop. The opposite happened of course.
For Monday when results are finally announced of which we all know won’t be positive results, we can expect a massive drop to around R 132. I don’t believe the 144 would be able to hold on these results announcement. We must note though that the uptrend support line has constantly been respected by Sasol and we can attribute this support line as one of the reasons Sasol finally managed to break the R151 resistance. These two lines are converging and ultimately one line has to break. Currently sitting at R144 we can put the 151 back in play as a major resistance.
Sasol does have a tendency of pulling the rabbit out of the hat and we could also see a positive open maintaining the respect of the uptrend line. If this does happen, the R160 resistance will be target point as this has been tested twice already. Positive Sasol market could mean results are not as bad as traders are expecting them to be.
I’m generally leaning short for Monday’s trading day.
A massive dip will be a good opportunity to buy in at the dip.
For Monday when results are finally announced of which we all know won’t be positive results, we can expect a massive drop to around R 132. I don’t believe the 144 would be able to hold on these results announcement. We must note though that the uptrend support line has constantly been respected by Sasol and we can attribute this support line as one of the reasons Sasol finally managed to break the R151 resistance. These two lines are converging and ultimately one line has to break. Currently sitting at R144 we can put the 151 back in play as a major resistance.
Sasol does have a tendency of pulling the rabbit out of the hat and we could also see a positive open maintaining the respect of the uptrend line. If this does happen, the R160 resistance will be target point as this has been tested twice already. Positive Sasol market could mean results are not as bad as traders are expecting them to be.
I’m generally leaning short for Monday’s trading day.
A massive dip will be a good opportunity to buy in at the dip.
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