NPN - Bullish EngulfingJSE:NPN has a bullish engulfing candle at a support level which could indicate a turn upwards. The stochastic is also confirming so we could be looking at a long position.
Southafrica
Multichoice possible turnaroundJSE:MCG has formed a bullish harami and is looking good for a turnaround into a long position. If it trades above Tuesday's high I will enter long.
NED - Struggling at SupportJSE:NED failed to break below support with yesterday's price action. It seems to be forming a bullish harami at the moment, but we'll have to see what happens towards the end of the day. If it doesn't break lower, I will consider a long position.
SA BANKS falling wedge?Banks selloff lately has been big. Is this a potential falling wedge on the banks?
MTN turning pointJSE:MTN is bouncing off a string support level and could turn for an upward move. Stochastic is confirming the momentum.
MRP - Gap CloseJSE:MRP has entered into a gap that was formed on 21 November. As we all know, the market likes to close gaps, so we could see a small downward move towards gap close.
Anticipating a bounce on ABSAJSE:ABG is trading at quite a strong support level. If it fails to break through and bounces off support, I will consider entering a long position. The stochastic also looks like it is gearing up for a turn.
Alternatively, if it breaks through support and forms lower lows, we could be looking at a short position.
SLM - Lower lowsJSE:SLM has broken through and upward trend as well as a fractal level and is busy forming lower lows which could be a sign of trend reversal. It is looking good for a short position with lots of downward momentum.
BVT - Trend and Fractal breakJSE:BVT has broken through a upward trend line as well as a fractal level which makes it look good for a short position.
Long on BHPJSE:BHP has broken upwards through the triangle I mentioned in my previous idea. Couple with this, it has broken a fractal level, so I am entering a long position.
SGL - Bearish Double TopJSE:SGL has formed a bearish double top. It is still quite a distance a way from confirming the signal, but let's keep an eye on it for when it does confirm the short position.
BHP - Symmetrical TriangleJSE:BHP has formed a symmetrical triangle chart pattern. This is a neutral pattern, so it isn't indicating an up or down move as of yet. Once it breaks through either side, we will be able to enter a trade. Let's keep an eye on it for now.
TFG EngulfingJSE:TFG has formed an engulfing candle and is looking good for a bit of an upward move until it reaches the previous descending resistance level.
Bearish Harami on AMSJSE:AMS has formed a bearish harami. Although it is trading at all time high levels, we could possibly see a small downward retracement.
SPAR breaking previous highsJSE:SPP has, with today's movement, broken through highs that it has struggled with three times in the recent past. If it closes above thes levels and confirms a higher high, we could be looking at a nice upward move.
GFI bouncing off trend lineJSE:GFI is bouncing off of a trend line that it has tested a couple of times in the past. The stochastic is confirming the turn around, and if the price action confirms with today's close, I will enter a long position.
APN - Possible gap close coming upTraders don't like gaps in the price and there has been a large gap in JSE:APN since March this year.
The price ha finally reached the top of the candle that caused the gap, and if it confirms a break above the spike, I wouldn't be surprised if it goes all the way up and closes the gap. Let's wait and see what happens.
AGL - trend line breachedJSE:AGL has broken through an upward trend line and is looking like a reversal is imminent. The stochastic is also showing a signal for a short position.
If confirmed, I will enter a short position.
Ascending Triangle on PSGAn ascending triangle has formed on PSG. This is a neutral chart pattern and all depends on which direction the breakout occurs.
I will keep an eye on this and when a breakout convincingly occurs I will trade in that direction.
MONDI at ResistanceJSE:MNP has reached quite a significant resistance zone and we could possibly see a turnaround for a short position. The stochastic looks like it might be turning too which is a further signal.
If it doesnt break thorugh this level and confirms, I will consider a short position.
REM broken out of channelJSE:REM has been trading in a downward channel for quite some time and has just broken out of the channel in an upward direction. It has also broken through a fractal level and is looking good for a long position.
Old Mutual - Double bottomJSE:OMU has formed a double bottom. If it confirms through the current level, I will consider a small long position.
