JSE:NPN is looking good for a short on our trend following momentum strategy. Trade with caution as NPN has been very volatile of late.
JSE:TFG has had a lot of downward momentum in the last few days. Looking to catch a bit of the wave with a quick short trade to the long term support level around the 15500 area.
We have entered a long position on JSE:ABG because of a bullish ngulfing pattern tht has formed. Although there is not much history on this instrument, it is also at a support level which solidifies the signal.
JSE:APN has formed a bullish harami on a double bottom which means it should be good for a long position.
"On Wednesday the share tested and rebounded off the prior swing lows between 102 and 103.50. This appears to be a range-trading opportunity, with the upside target being the prior highs of 119. " Lester Davids, Trading Desk analyst, Unum Capital. Keep an eye on USDZAR as this will continue to impact South African retailers.
I just noticed that the stock has revealed a medium term channel up pattern. Lets see, if it holds and reaches the 100 mark by the end of March.
UsdZar has stalled on the 4hr support at the 12.80 area. Price is being squeezed between the trendlines. Expecting a break to the upside. A close above the 12.90 - 12.95 area will support my long bias. Target 1 = 13.30 Target 2 = 13.60
USDZAR - Short to 13.00 1st TP - 13.42 2nd TP - 13.21 3nd TP - 13.00 SL - 13.97 Sell - 13.54 or SellStop - 13.43 Good Luck. And Profits for All.