Descending Triangle on GrowthpointJSE:GRT is showing a descending triangle pattern which is a neutral candle pattern. Depending on the breakout, we could be looking at a move in either direction. Keep an eye on this one for when it breaks out.
Southafrica
Possible ReversalJSE:GFI has reached a previous resistance level and we could possibly see a reversal at this point if it doesnt b reak through and form a higher high.
As always, I will wait for confirmation before jumping in.
Bidvest - Bearish engulfingJSE:BVT has formed a bearish engulfing candle pattern and is looking good for a short if it breaks the fractal level.
Since I alerted a short a week or two ago on BVT it has gone up but is still looking good for a short which is being confirmed by the stochastic.
Short Capitec till R1000Capitec Bank share price just reached a resistance level on bigger time frames like the daily, with addition to the weaker Rand after the unemployment news release stats as well we just saw the price breaking and testing below the trendline,
the share price may go down to just over a R1000 as stated on the chart analysis but it may bounce long again.
Contact me via email for one on one financial markets consultation
kamogelok(at)gmail(dot)com ;)
Possible trend reversal on CapitecJSE:CPI is looking like it might be reversing trend at the moment. It is struggling at resistance level and has formed what looks like a double top. As always, I will wait for confirmation before entering short.
INP possible downward momentumAn engulfing candle pattern has formed on JSE:INP . It is looking good for a downward move.
Stochastic has also confirmed the momentum.
Bearish Engulfing on FirstrandA bearish engulfing chart pattern formed on JSE:FSR which is often a top reversal signal. The stochastic has also turned downwards which further confirms the signal.
I will however wait until it breaks through the fractal level from the 21st of October before entering short, as it isn't the most convincing of engulfing candles as the top of the two candle bodies is exactly the same level.
Nedbank - Harami at ResistanceJSE:NED has formed a bearish harami at a strong resistance level which it has failed to breach. It is looking good for a short position with the stochastic confirming. If it breaks through yesterday's low, I will enter a short position.
SHP breakoutJSE:SHP has broken out of a symmetrical triangle and if it confirms above the high of yesterday, I will consider entering a long position.
RMH triangle breakoutJSE:RMH formed a symmetrical triangle pattern which it broke out of and closed with yesterday's move. Chances are, it will continue to move upwards after the breakout. If it confirms above the fractal level, I will enter long.
SANLAM at strong resistanceJSE:SLM has reached quite a strong resistance zone at around the 8200 level. It seems to be struggling to break through which is also being confirmed by the stochastic.
I will enter short if it is confirmed.
MRP "buy-box" and fractal breakout.JSE:MRP has been consolidating in a sideways trend or "buy-box" since late last month. With today's price movement so far, it has broken out of the box as well as a fractal level from the 17th of October.
If it closes above and confirms after today, I will look at entering a long position.
Descending Triangle on MultichoiceJSE:MCG has formed a descending triangle candle pattern. The candles are wedging into the corner of the triangle and will be breaking out soon. If it breaks out the bottom, this will confirm the signal for a short position.
Bidvest struggling at resistanceJSE:BVT is struggling at a strong resistance level and based on the stochastic's confirmation, we could be seeing a reversal. Wait for confirmation on today's price action before entering short.
APN possible turning pointJSE:APN has reached quite a significant resistance level which could mean a change in direction to the downside. I will keep an eye on this one to see if it breaks through the resistance and continues upwards. If so, I will enter long.
My outlook is bearish, however, and I anticipate that it will fail to break through and turn downwards for a short. As always, I will wait for confirmation before entering either way.
Double BottomJSE:RDF has formed a double bottom support level and it could mean a slight move upwards.
