Sasol Trade plan 26/06/2020
Sasols triangle was broken yesterday at open and thus making the incline support line irrelevant at this point. The decline resistance still stays as we are noticing a pattern of lower highs and thus we can expect the next high to rebound on this resistance. That could happen either today or Monday.
If we open at a negative we can expect a tussle at the R 132 price point as this has been tested 3 times already. I’m personally not expecting it to hold so we can also expect a rebound at R 130. The R 130 support has been strong in this horizontal trend so a partial buy in is possible here, I would wait for a strong candle stick or second candle stick to confirm rebound before buying in.
Personally though I’m not expanding on the Sasol portfolio, most stocks are down and would rather expand on something more secure.
If we open at a negative we can expect a tussle at the R 132 price point as this has been tested 3 times already. I’m personally not expecting it to hold so we can also expect a rebound at R 130. The R 130 support has been strong in this horizontal trend so a partial buy in is possible here, I would wait for a strong candle stick or second candle stick to confirm rebound before buying in.
Personally though I’m not expanding on the Sasol portfolio, most stocks are down and would rather expand on something more secure.
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