H&S forming on NaspersJSE:NPN is currently forming a small head and shoulders pattern on the 1D chart. If it continues downwards and confirms the break through the necklinr, we could be looking at a target around the 224000 level.
ZAR
Possible ascending triangle breakout imminent on MNPJSE:MNP looks like it could be breaking out of a symmetrical triangle chart pattern very soon.
My sentiment is that it will most likely break downwards, as the resistance level at the top of the triangle is very strong and has been intact since mid April. Once it breaks and closes below the level of the triangle I will consider a short.
Back up to test the highs or break below Keeping an eye on this, if it starts to look good to enter a long. Possible great RR. See how it starts to go on the smaller time frames for perhaps an early indication
CHF/ZAR: SHORTHello traders!
MACD line just crossed below SIGNAL line -> beginning of a BEARISH DOWNTREND
RSI 14 is going down and it is far away from being oversold.
CHF/ZAR price seems to be already in a retracement which will probably end in the vicinity of the support
Please, maintain proper position sizing and risk management!
Not a financial advise
Trade safe
UPDATE !! SHORT EURZAR another great sell signal 🦐We have been in this trade since long but the market seem to make a further bearish move.
The price found a resistance area at the 0.382 of the fib retracement and it currently stay above it.
If the market will manage to break the resistance structure, at the resets we can look for a short order with a target around the 0.5 retracement area and possibly 0.618 for a nice r/r.
For the one who kept the trade since our first call they can set a trailing stop around 19.23 area and move the tp to the 0.5 fib.
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Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
jse:har Harmony Gold UpsideHarmony Gold has come down 27% since last week's price of R72.
Case for short term upside in Harmony Gold:
Harmony closely correlates to the Rand Gold price.
1. DXY Dollar Index is extremely oversold on the RSI, way off its 50-day moving average together with a big perfected TD 8 0f 9 candle which indicates a potential turnaround candle tomorrow. This inherently means a potential weakening of the Rand.
2. The Rand itself is currently at its .618 Fib "Retracement level and also in extreme RSI overbaught levels.
3. Harmony Gold has turned around at R51.50 which can be argued is because of great support as the Volume Profile indicates extreme volume levels between R49 and R50.
DXY Dollar Index Turning Green ?The dollar index has broken medium term trend lines to the downside.
Case for short term upside:
1. It is current EXTREMELY oversold on the RSI.
2. It has fallen far below its 50 day moving average.
3. TD Indicator is on a perfected 8 of 9 with the 8 daily candle being a big one. Potential capitulation here for a turnaround tomorrow on the TD 9.
This inherently means that the ZAR Rand can weeken tomorrow as itself is now at its 618 Fib Retracement level compounded by an extreme RSI overbaught level.
EUR ZARContrary to most of the trader's opinion, symmetrical triangles are not always continuation patterns, they can also act as market tops.
EUR ZAR completed a symmetrical triangle top pattern last week, since then it has broken down from it and now it's back to the previous support zone that should now act as resistant.
This setup provides a 3 to 1 R trade to take.
CFR - Broken downward trendJSE:CFR , with today's movement so far, has failed to form a lower high and has broken the downward trend it has been trading in since mid Jan or even further back. A higher high has formed and could mean a move to the upside if confirmed.
Old Mutual - Ascending Triangle breakoutJSE:OMU broke out of an ascending triangle pattern in a downwards direction. We could be seeing a small downward move towards the previous low of 924.
UPDATE !! EURZAR on a retest 🦐After our last call, which already trigger with a nice profit, we can look again for the one who missed it at a 2nd chance to enter in market.
The price retrace at the 0.5 fib level of the previous leg and we could even expect to see a further move up to the 0.618 fib level (around 19.676) level for a retest of the resistance structure.
If the market will give us a hint of inversion we can look for an opportunity to enter with a short position according to our signal.
For the one that are still holding the previous position we can expect the market to make a new move to the downside.
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Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
GBP/ZAR long I have set pending orders on this pair to go long just above the daily highs. first position will be taken to a 1:1 and second will be left open to run on a break even stop.
If you want to get more information about how i trade, drop me a message on here or on instagram: saxonpooley.
Dont forget to watch my weekly reviews!
Bullish Engulfing & Consolidation breakoutJSE:CLS has been in a consolidation phase since the 4th of May in a sideways move. Today's price action has caused a breakout of this consolidation zone with quite a lot of momentum causing a bullish engulfing candle pattern to form.
If it trades higher tomorrow, it will be looking good for a move to the upside.
Symmetrical triangle breakout on MRPWith yesterday's upward move JSE:MRP has broken through the top of a symmetrical triangle chart pattern. Today's move seems to be confirming the break so far.
If it breaks above the fractal from the 21st of May, I will consider a long position.
Vodacom - Bearish Engulfing candle pattern formingThe market doesn't seem to have reacted well to the restructuring of JSE:VOD today and has formed a massive bearish engulfing candle with today's move. Along with this, it has broken the upward trend it has been following since mid March. If it trades lower tomorrow, I might consider a short position.
Double Top on ANGJSE:ANG has formed a double top around the 52500 level. It has broken through the "dip" between the two highs, which usually is a trigger to enter a short.
We could see a move all the way down to the support zone at the 31000 level.
Naspers - Possible downward move coming up.JSE:NPN has been trending upward since mid-March and with today's opening, it finally broke below the trendline that has formed. Although unconfirmed as of yet, this could mean a move to the downside. I'll be keeping an eye on what happens here next week for a possible short position.
ridethepig | Dovish SARB On Deck!We are reaching the lows in the range right on time for SARB today. Markets are expecting a 50bps move, a little bird tells me that we are set for more... Remember the domestic story in South Africa is only going one way; sadly it's the same outcome as Turkey.
On the technical side, tracking closely the 18.00 support to build longs outguessing a dovish SARB. Look to target the 18.5x and 19.0x highs and lighten up below 17.7x.
Good luck.
$USDZARFX:USDZAR
Testing bottom of the rectangular pattern.
Break bellow will open 16.80-17.00 as target.
