UPDATE: Old Mutual heading to target 1 and next target is...Falling Wedge formed on Old Mutual and the price broke up and out of the pattern.
Since then it's been going to our first target of R12.61.
It is still on course.
Last few weeks, OMU has formed a W Formation (another breakout pattern). Once the price breaks this one, the next target could be as high as R13.38.
Other indicators confirm upside to come:
7>21>200
RSI>50
Target 1 -> R12.61
Target 2 -> R13.38
SMC:
Above the W Formation is a Break of Structure to the Upside.
This is when the price breaks and closes ABOVE the wick of the previous HIGH in an UPTREND.
ABOUT THE COMPANY:
Origins:
Old Mutual is a multinational wealth management company originating in South Africa. Founded in Cape Town in 1845, it's one of the oldest existing financial services companies in South Africa.
Expansion:
Since its establishment, Old Mutual has expanded to operate in 14 countries across two regions: Africa (including South Africa) and Asia (including China).
Services:
The company provides a broad range of financial services, including life assurance, asset management, banking, and general insurance.
Managed Separation:
In 2016, Old Mutual announced a "managed separation" strategy that aimed to separate its four main businesses into standalone entities. This resulted in the creation of four independent businesses:
Old Mutual Limited,
Quilter plc,
Nedbank Group, and
Old Mutual Wealth.
Employment:
Old Mutual employs over 28,000 people worldwide.
