ToncoinTon Coin broken the downtrend and now try to retest it, maybe continue to move up after successful retest
TON
JSE:TON Tongaat FailingWe had been seeing buying in Tongaat but that is over now. Now we see signs of weakness (SoW) that could take us back to the lows. The distribution was very weak and an acceleration of the markdown is now expected.
JSE:TON Tongaat Slow but Steady ProgressTongaat has been making slow but steady progress since seeing buying early in 2020 -see posts below. Yesterday there was again a spike in volume probably indicating another slow push higher.
JSE:TON Tongaat Volume Remains HighFollowing Tongaat off the base that was formed - see posts below - the stock has made slow progress with sharp rises followed by drawn-out pullbacks. However, volume remains high and the stock is being accumulated. Now after a test of the yearly pivot point, we can again expect the stock to make further progress in its rise.
JSE:TON Tongaat Mark-upIt is not a great time to buy during the mark-up, better to wait for the reaccumulation range to form, but the buying volume observed in April is now playing out. When all the other stocks were having a selling climax in March we observed that there was significant buying pressure on Tongaat (See posts below). After some more high volume, we are now seeing a mark-up taking place and price has doubled.
JSE:TON Action on TongaatPreviously the R5 level has been important (See posts below). Buyers have slowly been accumulating stock just above this level and it seems to have held. This morning some more aggressive buying is taking place and price is on the move. We can expect a test of the previous highs and possibly the markup to continue after some re-accumulation.
JSE:TON Tongaat Volume Remains HighWe previously identified increased interest in Tongaat (see post below). This buying continues at increasing price levels. Someone is in a hurry to buy the stock and are not waiting for the price to fall back to the lower levels and buying on the way up.
JSE:TON Tongaat Hulette Buying below R5Tongaat has been having their troubles but someone is buying aggressively below R5. We have seen a volume spike on the selling climax and now again on a spring from the lows. After a very week backup attempt to the downward sloping trading range, we could see some rally back to the upper boundary of the downward sloping stride. Buying weak stocks in a weak market is high risk but it seems someone is interested in Tongaat.
FRED Trucking Tonnage Index (QUANDL:FRED/TRUCKD11)Notice the long periods of high correlation between tonnage trucked and the major indexes (spx500 shown here)
Another set of FRED data that I think many are unaware of, so I thought I would bring it to their attention.
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Much love and manage your own risk
GL HF
xoxo
snoop
