SOL - Break above resistance could mean upward moveA small inverted head & shoulders pattern has formed on JSE:SOL in the recent past, but it is yet to make any significant upward move because of it. It came up and tested a strong resistance level on the 10th of Nov and then retraced back down. If it comes up again and breaks through that resistance line convincingly, I will consider entering a long position.
ZAR
Possible short on CAPITECJSE:CPI is showing signs that it may retrace downwards for a bit before continuing up. The MACD and Stochastic are both showing downward momentum and if it trades lower than today, the EMA's will confirm a downward cross. Keep an eye on this one for a possible short move to around the 200 SMA support level.
SHP - Heading for gap closeApart from the double top that has formed, a massive bearish engulfing candle appeared yesterday with very strong downward momentum. If it continues down lower than the low of yesterday's engulfing, I will consider a short position with a target at the close of the gap from the 8th of September.
BID bounce off of resistanceJSE:BID has had some good bullish momentum for the month of November so far, but when it reached the significant resistance level around 28100 it failed to break higher and is showing signs of a turnaround for a downward move. If it breaks through the 200 SMA and confirms by a break below the lows of 10 Nov, I will consider entering a short position.
Massive H&S Pattern on ANGJSE:ANG has formed a massive Head and Shoulders chart pattern starting all the way back in April 2020. The right shoulder is not very big in relation to the left shoulder, and the uptrend leading up to the formation wasn't extremely significant, so I wouldn't be surprised if it doesn't make it all the way to it's target but I think we could definitely see a downward move to the previous significant support level at around 30000 if it breaks through the neckline and confirms the pattern.
If it breaks through the support level at 30000, we could possibly see a move down to the target, but I feel that is quite unlikely.
REMGRO - possible upward move to fill gap if it breaks outJSE:REM has been trading in a consolidation since July. It is currently around the top of the consolidation area and is showing some signs of upward momentum. If it breaks out through the top, we could see a bit of an upward move - possibly even going up high enough to fill the gap from the 3rd of June. I am waiting for a confirmation of an upward breakout before considering entering.
BHP upward moveThe Head & Shoulders that was alerted a few weeks ago played out quite nicely, but didn't quite reach it's target. At it's bottom, it formed a bullish engulfing candle pattern which is an upward move signal. The stochastic and MACD are confirming an up, so if it breaks today's high, I will enter long.
BHP - Head & ShouldersJSE:BHP has formed a Head and Shoulders pattern and has broken through the neckline on its way downwards. If the pattern plays out, we could see a move down to the target at around the 28900 level