Double BottomJSE:RDF has formed a double bottom support level and it could mean a slight move upwards.
ALSI
14 Oct 2019 - JSE:FSR - Long - Ascending Triangle - NEAR TRADE JSE:FSR is nearly ready to buy (go long) due to an ascending triangle that's been forming since 8 July 2019. You might be wondering why I'm not calling it a Cup and Handle pattern instead. One reason - The right rounding bottom is more than 50% the cups height. Hence the stop loss will be wider, and the take profit will be extended higher than normal. I'll update this analysis, once we have seen a confirmed breakout, close above and a new candle opening above the resistance.
ABSA bouncing off supportJSE:ABG is trading around a strong support level where it has struggled at before. The stochastic is confirming by turning up, so I will consider entering a long once it breaks through the fractal level of the 8th.
Harami on BIDJSE:BID formed a bearish harami pattern with yesterday's movement. This could mean a downward move. I will wait for confirmation, as the upward momentum has been quite strong lately.
Flag/Pennant breakout on OMUJSE:OMU has formed a flag shape which is a bullish pattern and it has broken out and will most likely continue upwards. I will, however, wait for further confirmation before jumping in.
WHL upward channel still intactJSE:WHL has bounced off of the bottom of the channel that it has been trading in for quite a while. We can expect a possible upswing toward the top of channel. Failing that, it might stall around the mid point.
ASPEN upswingA bullish engulfing candle pattern formed on JSE:APN friday at a support level. This could mean an upswing is imminent. The stochastic has also recently made an upswing.
MTN Bounce off strong supportJSE:MTN has failed to break through a strong support level and seems to be bouncing for an upward move. The stochastic is also in oversold territory which further signals a possible reversal.
Gap to fill on GRTJSE:GRT formed a gap between the 1st and 2nd of October that it looks like it might fill soon. Gaps are generally quite tempting to close for traders. The stochastic seems to be turning up, which is also a sign of a possible reversal. Keep an eye on this one for confirmation of a long position.
NASPERS looking like a possible reversalJSE:NPN is looking promising for a possible upward reversal. The stochastic is currently turning up and it is trading at quite a strong support level which it isn't breaking through. I will wait for confirmation to enter.
EXX not breaking through supportJSE:EXX has been struggling at a support level since late August. It doesn't seem like it is going to be breaking through any time soon, so I am looking out for confirmation to possibly enter a long position. If it breaks through the fractal of the 27th of September, I will consider entering.
Channel on SAPPIJSE:SAP has been trading in a downward channel for quite a while and has reached the bottom of the channel and seems to be bouncing off. We can expect a short upward move towards the top of the channel. This is also being confirmed by the stochastic.
ANG - Head and ShouldersJSE:ANG has formed a head and shoulders pattern which is a top reversal pattern. It is looking good for a downward move if it breaks through the neckline convincingly. I will wait for this confirmation before entering.
Possible reversal on VodacomI am keeping an eye on JSE:VOD as it formed a bearish harami after a small retracement. If it confirms I will enter long for a small move.
MONDI turning upJSE:MNP has formed a bullish harami at a support level and could be looking good for a long position if confirmed.
RDF Massive Engulfing CandleJSE:RDF formed a massive bearish engulfing candle yesterday which is a top reversal signal. It is not technically at a "top", but it is possibly signalling the end of the retracement. I will consider a short if it confirms lower.
SANLAM possible down moveJSE:SLM formed a bearish harami a few days ago which might be signalling a reversal. It is looking like it so far and the stochastic is confirming it. I will, however, wait until confirmation on Monday before entering a short position.
Another SPAR reversalJSE:SPP is looking like it is reversing again. A bearish harami was formed and it is being confirmed by the stochastic.
SAP Broken through fractal levelJSE:SAP has broken through quite a significant fractal/support level. If it continues downward, I will enter short.
Nedbank fail at resistanceJSE:NED failed to break through a resistance level and seems to be bouncing into a downward direction. If it confirms, I will enter a short.
Investec reversalJSE:INL formed a bearish harami at a resistance level. Once confirmed, we could see a nice downward move towards the previous support level.
AGL - Bearish HaramiJSE:AGL has formed a bearish harami which has been confirmed by the stochastic. I will enter short if it trades lower today.
Bidvest - Harami forming at resistanceJSE:BVT is currently forming a harami at a resistance and is looking like it will possibly be reversing. If tomorrow confirms, we will enter short.
