Southafrica
GLN short if it breaks through supportThe MACD and Stochastic indicators on JSE:GLN are both signaling a downward move. However, it is currently trading around a support level (+-5800) and I will be inclined to wait for it to break through that level before entering short. If it does play out, we could see a move to at least the support level of around 4900.
ARI Reversal possibilityJSE:ARI has reached a level of resistance and seems to be turning downwards for a short move. It has been confirmed by the stochastic, MACD and 3&15 EMAs. If the move happens, we might see it go down towards the 200SMA where it might find some support before either bouncing upwards or continuing downwards.
EXX going shortJSE:EXX is showing signs of a potential short trade coming up. The first signs came with the stochastic and MACD crossing downwards, and it has been confirmed by the downward cross of the 3 and 15 EMA's.
I see it potentially moving down to around the 15000 support level, where it may retrace before potentially continuing downwards. Let's see what happens.
Keep watching for possible short positionAlthough not confirmed yet, JSE:RNI is looking like we could be in for a downward move sometime soon. The MACD and EMA's are yet to confirm to the move, but the price has broken through the 200SMA which could indicate a change of trend. Keep an eye on this for confirmation of a short position.
Bearish Engulfing at ResistanceA Bearish engulfing candle formed on JSE:SHP on 17 Feb. This was followed by a cross of the EMA's and the MACD. All of these indicate a change of momentum and we could be seeing a move to the downside. There is a gap that formed in September last year that we ight be looking to fill, failing that, it might find some support at the top of the gap.
Reversal for 30%Recently we witnessed the price breach a descending trend-line looking similar to an inverse head and shoulders.
Target is the resistance approximating 30%.
Good luck and follow me for more!
BID - Strong resistance levelJSE:BID is trading at a very strong resistance that has been held and tested multiple times since 2016. My logic tells me it won't be able to break through and will bounce down again. If it does this and comes down, I will consider a short at the 27700 level. Alternatively, If it breaks through and continues up, we will likely see a nice strong breakout to the upside.
SANLAM finding support on the 200 moving average.JSE:SLM broke the downward trend that it was trading in since July 2020 when it formed higher highs in early November 2020. Since then, it has been consolidating and has found significant support on the 200 Moving Average. I will wait for a breakout of the consolidation zone, and if it breaks through the 6000 level, I will consider a long position.
Downward momentum on SibanyeJSE:SSW is showing signs of downward momentum. The stochastic and MACD has crossed down and the 2 EMA's have crossed. It is also busy breaking through a strong support level at around 5800. If it breaks through convincingly with today's price action, I will consider a short position.
Beware of a possible gap close of the gap formed 2 days ago. It may go up and close this gap before continuing downward.