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.
ZAR
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.
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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.
Inverted H&S forming on Mondi PLCJSE:MNP is in the process of forming an inverted head and shoulders pattern on the day chart.
We could see a longer term upward move if the price breaks through the neckline at around the 33100 level. This might take a few days before it breaks this level, so I am just keeping an eye on it for now.
Possible Trend Reversal on ProsusJSE:PRX formed a bearish harami on Thursday last week which is a top reversal signal.
This was confirmed by the break through the upward trendline and the stochastic.
This could mean a move downward for a while if confirmed by breaking below the low of last Wednesday.
Bearish Flag on SANLAMA bearish flag pattern has formed on JSE:SLM . If the price breaks through the bottom of the flag we could possibly see a nice downward move.
GOLDFIELDS - Long in upward channelJSE:GFI has been in an upward trend since mid-March and seems to have bounced off the bottom of the upward channel. We could possibly see an upward move towards the top of the channel.
ZARJPY Bumb and RetestThese exotic FX pairs are more tricky to trade, but there is a potential nice setup here in the making. It has made a huge drop past 2 months for FA reasons, but there is a chance we might see a bigger consolidation or correction up this time. There was strong move up 2 weeks ago but came back down all the way again, but in a much slower pace though, which could be a sign. Now ideally we see it test that curved shape on the right a bit more coming days, but it is very important to see the green zone hold. If that breaks, anything is possible.
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USDZAR closing in on support at R18USDZAR closing in on support at R18 and if this rand strength continues the next target is the horizontal at 17.20
USDZAR approaching support, potential bounce | 29 April 2020Price is approaching our first support level in line with our 61.8% retracement and horizontal pullback support where we could see a bounce to our first resistance level , in line with our 38.2% fibonacci retracement . The video analysis is linked below as well, so do check that out and leave a comment on ideas you would like to see next!
USDZAR approaching support, potential bounce | 29 April 2020Price is approaching our first support level in line with our 61.8% retracement and horizontal pullback support where we could see a bounce to our first resistance level, in line with our 38.2% fibonacci retracement. The written version is linked below as well, so do check that out and leave a comment on ideas you would like to see next!
