Jse
MTN Group Limited RSI indicators are showing exhaustion. The stock looks overbought and is facing strong resistance at R130.
As a trader, I wouldn't want to buy the top right now. I'm looking for a pullback to (+- R115) before I enter a position again.
There is no denying that MTN has been a top stock to own in 2021, and this uptrend should continue, but in the short term I'm expecting a 10% pullback and then a retest to current levels of R130. If it can break out of R130 then R150 is on the cards.
Pullback to R115 -( Ideal entry )
Retest of R130+ then some consolidation, then a breakout to test R150.
30% upside reward from R115 levels.
Not financial advice.
SAPPI, will the downtrend break higher?SAPPI is currently holding the 38.2% retracement off the highs as resistance. Looking for a break of 4260 to go long, or a drop back to 3721, (or 3495). Target 5100
Glencore showing signs of downward momentumJSE:GLN is showing signs of downward momentum based on the indicators of our momentum strategy.
The EMAs crossed in a downwards direction yesterday while the stochastic both crossed downwards the day before.
I think we could see a move down towards the previous support area at around 5780
BLU upward moveJSE:BLU is showing signs of upward momentum with the recent bounce off of the support level at around 460 as well as two of our three momentum indicators having crossed upwards. If confirmed, I think we can see a move to at least the previous highs of around the 530 level.
SAPPI Touching 200DMA. Will it bounce?JSE:SAP Touching the 200DMA today, with the 38.2%retracement off the lows, and 127% expansion off the highs coming into play.
IMP breaks out of consolidation zoneSince mid-May, JSE:IMP has been struggling to make lower-lows and found itself in a sideways consolidation period. With yesterday's upward move, it has broken out of the top of the consolidation zone. If the momentum continues, we could see a move up towards the 30000 resistance level.
Johannesburg Stock Exchange JSEThe South African economy has tainted JSE stocks and led to a delisting of hundreds of stocks over the years.
This sentiment has affected the JSE share price negatively as more investors shun the bourse. Prior to this, the share price was stuck in a trading range of between (R110-R130) - made for some nice predictable trades in that time.
But now, the JSE has broken downwards out of that range and could test previous supports of +- (R104- R94)
Worse case scenario it breaks much lower and retests March 2020 lows of R84-R85
What I'm hoping for is a retest of previous support now resistance (R109) and then the next resistance zone of R120.
Trading targets
(Starting at R104) The share is currently in a downtrend, and may test R100 again before the next bounce up. I will l enter half of my money now at R104 and the next half at R100 - To minimize risk.
The risk reward isn't as attractive as I would like, there is more downside risk than upside potential, which makes this a much riskier trade, but im still willing to test the waters, as I'm strictly using profits from previous trades.
Take Profits:
First target = R109 ( 4.5% gain)
Second target R120 (15% gain)
Cut Losses:
Stop loss 1 = R95 (8.6% loss)
Stop loss 2 = R85 ( 18% loss)
Disclaimer:
This shouldn't be misconstrued as investment advice, always seek out a professional financial adviser before making any investment decisions.
Old Mutual - 200SMA Bounce with upward momentumJSE:OMU recently bounced nicely off of the 200 Simple Moving Average and started to in an upward direction. It is also showing signs of great upward momentum so I think we could be looking at a nice upward move towards the previous resistance level at around 1480
JSE:PRX Prosus Remains WeekFollowing Naspers we have seen a bounce yesterday but this should not be seen as a recovery. It could cause some sideways action but there is still some down site to come.
JSE:NPN NASPERS Do Not Get Sucked into Yesterdays RecoveryWe have been following the markdown of Naspers - see posts below. Yesterday there was a sharp recovery but one should not get caught up and think it is time to go long. Naspers remains week and the current bounce is just a retest of the yearly pivot levels. Naspers remains weaker than the market and there are no indications of a recovery. The bounce may indicate a consolidation range is starting, but it still looks like more weakness to come.
JSE:MRP Markup looking to test R300MR Price has been in a strong markup after the base from the covid lows. The stock is stronger than the market. The pullback has been on lower volume and we are now ready for a test of historic highs at R300.
JSE:DGH Distell Taking Next Step UpThe pause is over. Following Distell on its way up - see posts below - we have had a pause with a week pullback but now we are ready for the next step up.
$JSENPN Back at its 200 week ma/ema, bounce incoming?the 200 day moving average/exponential moving average has been a great level of support for naspers over the last 3 years. Will the stock bounce again at this level? If history is anything to go by -Odds favor a bounce, but let's see how this unfolds
Impala platinummarket is in a strong bullish trend with no divergence on the MACD on the monthly,
Trend line was broken on the weekly that indicates a correction in the market before we see the next leg higher which could possibly be the last impulse move in the stock before entering into a bearish market cycle.|
Ill wait for the correction on monthly to play out s we already see on the weekly support being established at current market price, in the short term will see bullish price action and then a quick wave down towards 20000 and then going towards the 35000 at which ill get out of this market, this could be by early 2023 or late 2023 when the FED announces its taper stocks will then enter a bear market for the until the fed stopped hiking interest rates. Enjoy the last couple of years in a bullish stock market, rates are ging higher and stock prices will need to adjust
Bullish Flag on Purple GroupJSE:PPE had a nice upward rally at the beginning of June followed by a slightly downward consolidation period. Because of these moves, we have seen the formation of a bullish flag pattern. A bullish flag is a continuation pattern, therefore the expectation is that the price will continue upwards once the breakout has happened. So far this morning a breakout has occurred, but I may be inclined to wait until Monday before entering a long position. If you take the length of the "flagpole" into account the target for this trade should be around 190.
MCG Upward moveJSE:MCG is showing some good upward momentum at the moment and could do well for a long position. Although the MACD and Stochastic alerted quite a while ago, the EMA's are confirming the upward momentum.
SASOL
>SASOL and the oil industry have recovered from the 2020 March oil crash
>Buyers of the March had massive gains and now by the looks have taken profits
>Selling off has begun with targets +R140
>130 to 157 Zar looks like a good zone where new buyers will come in
