1D CHF/ZAR SHORTCHF/ZAR has broken down outside of an ascending channel.
If price retests the resistance, I will be looking for a short opportunity.
ZAR
NPN - Bullish EngulfingJSE:NPN has a bullish engulfing candle at a support level which could indicate a turn upwards. The stochastic is also confirming so we could be looking at a long position.
Multichoice possible turnaroundJSE:MCG has formed a bullish harami and is looking good for a turnaround into a long position. If it trades above Tuesday's high I will enter long.
NED - Struggling at SupportJSE:NED failed to break below support with yesterday's price action. It seems to be forming a bullish harami at the moment, but we'll have to see what happens towards the end of the day. If it doesn't break lower, I will consider a long position.
USD/ZAR IdeaCurrently the price is in the no-trade zone, however, a break from the descending triangle pattern will give us a confirmation for going short
MTN turning pointJSE:MTN is bouncing off a string support level and could turn for an upward move. Stochastic is confirming the momentum.
MRP - Gap CloseJSE:MRP has entered into a gap that was formed on 21 November. As we all know, the market likes to close gaps, so we could see a small downward move towards gap close.
Anticipating a bounce on ABSAJSE:ABG is trading at quite a strong support level. If it fails to break through and bounces off support, I will consider entering a long position. The stochastic also looks like it is gearing up for a turn.
Alternatively, if it breaks through support and forms lower lows, we could be looking at a short position.
SLM - Lower lowsJSE:SLM has broken through and upward trend as well as a fractal level and is busy forming lower lows which could be a sign of trend reversal. It is looking good for a short position with lots of downward momentum.
BVT - Trend and Fractal breakJSE:BVT has broken through a upward trend line as well as a fractal level which makes it look good for a short position.
Long on BHPJSE:BHP has broken upwards through the triangle I mentioned in my previous idea. Couple with this, it has broken a fractal level, so I am entering a long position.
SGL - Bearish Double TopJSE:SGL has formed a bearish double top. It is still quite a distance a way from confirming the signal, but let's keep an eye on it for when it does confirm the short position.
BHP - Symmetrical TriangleJSE:BHP has formed a symmetrical triangle chart pattern. This is a neutral pattern, so it isn't indicating an up or down move as of yet. Once it breaks through either side, we will be able to enter a trade. Let's keep an eye on it for now.
USDZAR SHORT IDEAI'd like to see price break local support and continue to break below and reach support.
TFG EngulfingJSE:TFG has formed an engulfing candle and is looking good for a bit of an upward move until it reaches the previous descending resistance level.
USDZAR Resisting Ascending Triangle?USDZAR currently in an ascending triangle.
A lot of bad news is alredy in the rand price. Local fundimentals is unlikely to initiate a breakout above the ascending triangle.
The other side of the equation is the Dollar strenghtening which can drive the rand price breakout above the ascending triangle. The dollar index DXY has broken medium term support and if such trend persists, the triangle breakout is unlikely.
My contrarian view is for ZAR strengthening over the short term.
Bearish Harami on AMSJSE:AMS has formed a bearish harami. Although it is trading at all time high levels, we could possibly see a small downward retracement.
SPAR breaking previous highsJSE:SPP has, with today's movement, broken through highs that it has struggled with three times in the recent past. If it closes above thes levels and confirms a higher high, we could be looking at a nice upward move.
GFI bouncing off trend lineJSE:GFI is bouncing off of a trend line that it has tested a couple of times in the past. The stochastic is confirming the turn around, and if the price action confirms with today's close, I will enter a long position.
APN - Possible gap close coming upTraders don't like gaps in the price and there has been a large gap in JSE:APN since March this year.
The price ha finally reached the top of the candle that caused the gap, and if it confirms a break above the spike, I wouldn't be surprised if it goes all the way up and closes the gap. Let's wait and see what happens.
