Head and Shoulders on RichemontA head and shoulders pattern has formed on JSE:CFR . The neckline is ascended slightly, but I think it has a fair chance of playing out. The target is down at the R89 level.
Southafrica
AGL - Upward momentumJSE:AGL has triggered a long position with today's movement. The stochastic, MACD and moving averages have all crossed upwards, signaling the upward momentum.
Adcorp Holdings LTD The technical are all explained on the chart. There is potential fundamentals to bolster the technical analysis.
Adcorp holdings JSE listed
www2.staffingindustry.com
Adcorp Holdings Ltd. (ADR:JNB), a staffing provider based in Bryanston, South Africa, on Monday reported it expects to report revenue for the fiscal year ended 28 February to be in line with prior-year revenue on a constant currency basis. However, it expects headline earnings per share to increase by at least 139% while earnings per share are expected to increase by 157%.
Its outsourcing operations in South Africa focused on exiting unprofitable contracts while its contingent business experienced robust demand in the final months of the fiscal year, offsetting weaker demand in the first months. Its training business has seen a recovery of revenue and earnings.
Adcorp did report that annual revenue was negatively affected by the exit from low-margin contract, the July KwaZulu Natal unrest in South Africa, flooding in Australia and the impact of Covid-19 in key markets.
The company expects to report earnings for the fiscal year ended 28 February on or around 30 May.
Share price and market cap
Shares in Adcorp closed up 4.55% on Monday in South Africa to ZAR 575.00 (USD 35.45); they were 28.35% above their 52-week low, according to FT.com. The company had a market cap of ZAR 577.3 million (USD 35.6 million).
ANH ShortDisregarding today's move, JSE:ANH is looking good for a short position. If it breaks through the 855 price level, I will enter short.
Short on SASOLJSE:SOL is showing all of the signs for a short position. EMAs, MACD and Stochastic have all crossed downwards. Looking for a move downwards towards the 302 level
Short triggered on ExxaroA short has been triggered on JSE:EXX this morning slightly below our desired level as it gapped down with the opening. We are looking for a move down to the 176 level.
Growthpoint - downward momentumJSE:GRT is showing some great downward momentum and is ready for a short position.
Morning Star on NPHA morning star pattern has formed on JSE:NPH over the last few days. If triggered, this could mean a move to the upsode.
Bullish engulfing - IMPA large bullish engulfing candle has formed on JSE:IMP . This is a bottom reversal signal and I think we could see a nice upward move from here.
GBPJPY OHLC (SELLS) APRIL MONTHLY STRUCTUREPlease support this idea with LIKE if you find it useful..
GBPJPY
OHLC
Monthly structure In daily timeframe appears to be long-term sells.
Possible second leg of “M” pattern
Patiently waiting for a TDI CROSS to confirm sells . Also price line and bloodline are both within the Sell pressure zone making this high probability.
Runner Tp must be the “OPEN” which is a consolidated Quarter Level for GBPJPY.
Bearish divergence from last months high to current market price with wicks indicating rejections.
Trade with Caution. Wait for valid entries.
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P A T I E N C E + D I S C I P L I N E
Vodacom heading downwardsJSE:VOD is showing signs for a downward move. I will enter short at the 153 level.
PROSUS - LongAs with JSE:NPN , JSE:PRX is also showing signs for a long position as per our momentum strategy.
NASPERS - Ready for a longAll three of our momentum indicators are signaling a long position on JSE:NPN . So if it continues up today, we will enter the trade.
Goldfields - Short on Momentum StrategyGFI is showing a potential down move based off of our momentum strategy. Although it happened a few days ago, the stochastic, MACD and the cross of the two EMAs are all triggers for a short position.
ABSA - Bearish EngulfingA Bearish Engulfing candle pattern has formed on ABG with yesterday's price move. We can consider a short position if the price continues downwards from here.
USDZAR end of Q1The rand has held up resiliently against the dollar during this recent patch of geopolitical tension largely due the rise in commodity prices, particularly precious metals. Risk-assets, such as equities and the rand, received strong bids following the Fed rate hike and going forward I don't see the rand depreciating rapidly from further Fed rate hikes as the year progresses. While we're on the topic of interest rates, I believe hikes are priced in and the rand's carry trade appeal is still very strong (SA 10-year yield = 9.785% vs US = 2.388%).
SA's trade balance surplus has however slipped from R29 billion in December to R3.55 billion in January and the forecast for February is expected to climb higher to R16.50 billion which is fundamentally rand positive.
Let's get techi:
The rand has pulled back 50% of its 2H2021 losses and the 50% fibo rate of 14.79 is the next support rate to watch (just a reminder I use a log scale chart and my Fibo retracements are also based on the log scale). A break below 14.79 will open the gates for a move lower towards the 61.8% Fibo retracement at 14.45 and the 23.6% Fibo retracement from the rand's 2020 recovery. I do however expect the rand to give back a bit and for the support at 14.79 to hold some strength. The RSI seems to be losing some downward momentum and the stochastic indicator is currently trading deep in the oversold zone (rand overbought). A pullback towards the 50-day MA of 15.20 and the 200-day MA of 15.05 is looking plausible but I expect the critical resistance rate of 15.15 to hold its ground. A failed break back above 15.15 will leave the window open for further rand strength. A break above 15.15 will however see the rand slip to 15.40 against the dollar.
There is also a looming death cross on the pair (50-day MA crossing below the 200-day MA) which will be rand positive.
To summarise, I see the pair moving into the zone between 14.35 and 14.60 as Q2 progresses.
Capitec - Sideways Consolidation BreakoutJSE:CPI has been trading in a sideways consolidation area since Jan. With yesterday's price action it broke out of the top of the channel, which could mean a good opportunity to go long.
AUDJPY OHLC (SELLS) MONTHLY STRUCTURE (MARCH 2022)AUDJPY OHLC (SELLS)
MONTHLY STRUCTURE
(MARCH 2022)
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Monthly Structure for AUDJPY is OHLC (SELLS).
A resistance will be formed the minute tdi Priceline and bloodline cross. Patience. Long term runner Tp must be set at the Daily Open 83.507 . Price is slowly getting into the sell pressure zone. Waiting on a tdi cross to confirm the presence of sellers in Markets.
Trade with Caution. Wait for valid entries.
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P A T I E N C E + D I S C I P L I N E
Downward momentum on AMSOur 3 momentum indicators have all crossed downwards on JSE:AMS signaling a good time to enter a short position. The target is at the strong support level at around the 160000 level.
Downward momentum on AGLAll three of our momentum indicators have crossed downwards on JSE:AGL . It is looking good for a short position. Target levels around the support area of late September 2021.
Hammer at SupportA hammer candle has formed on JSE:MNP at a strong support level that goes all the way back to 2015/2016. I think it's possible for a bounce off of this level and a nice upward move from here.
Piercing Line Pattern on SANLAMA piercing line candle pattern has formed on JSE:SLM . This is a good bottom reversal signal. If it plays out, we could be seeing a nice upward move from here. Target levels at the highs from mid-Feb.
