Sasol
With Current Market Volatility, Where is Sasol Headed?Sasol is an international integrated chemicals and energy company that leverages technologies and expertise of over 30 000 people working in 33 countries. Sasol develops and commercialises technologies as well as build and operate world-scale facilities to produce a range of high-value product streams, including liquid fuels, chemicals and low-carbon electricity.
Weekly: Coming off a perfect 78.6% Fib retracement level, I expect to see more downside ultimately breaking the lows at 35,000. I have a target level of 30,000 to 29,000 where I will be looking for signs of a reversal. The long entry from there should be a great trade!
Daily: The daily structure will complete in either 3 or 5 waves and I expect it to reach the targets as indicated above. There may be one or two interim pullbacks which will form this structure but as things stand now, I will only be looking to trade the shorts until we break the lows around the 35,000 mark.
JSE:SOL Levels 2018/11/04Short term I have a neutral-bearish view on SOL. Playing the edges of the current balance. We are near Larger Time Frame support levels though. Any selling below the currently balance will likely find buyers at each level lower.
Long SasolStrong sell off in oil offers potential upside
Large capex for increased production
Long term hold
SOL Short- broken a key trend line (blue)
- My instincts tell me that a retracement needs to happen
- Volume Profile thins out "somewhat" from here down
