ZAR
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.
AGL - trend line breachedJSE:AGL has broken through an upward trend line and is looking like a reversal is imminent. The stochastic is also showing a signal for a short position.
If confirmed, I will enter a short position.
Ascending Triangle on PSGAn ascending triangle has formed on PSG. This is a neutral chart pattern and all depends on which direction the breakout occurs.
I will keep an eye on this and when a breakout convincingly occurs I will trade in that direction.
MONDI at ResistanceJSE:MNP has reached quite a significant resistance zone and we could possibly see a turnaround for a short position. The stochastic looks like it might be turning too which is a further signal.
If it doesnt break thorugh this level and confirms, I will consider a short position.
REM broken out of channelJSE:REM has been trading in a downward channel for quite some time and has just broken out of the channel in an upward direction. It has also broken through a fractal level and is looking good for a long position.
Old Mutual - Double bottomJSE:OMU has formed a double bottom. If it confirms through the current level, I will consider a small long position.
Bullish Engulfing on MTNA bullish Engulfing has formed on JSE:MTN . This means that it is possibly going to reverse into an upward direction.
Descending Triangle on GrowthpointJSE:GRT is showing a descending triangle pattern which is a neutral candle pattern. Depending on the breakout, we could be looking at a move in either direction. Keep an eye on this one for when it breaks out.
Possible ReversalJSE:GFI has reached a previous resistance level and we could possibly see a reversal at this point if it doesnt b reak through and form a higher high.
As always, I will wait for confirmation before jumping in.
EURZAR Sell SignalPattern: 1M Channel Down.
Signal: Bearish as the price is near the inner Higher Low trend line.
Target 16.3000.
Bidvest - Bearish engulfingJSE:BVT has formed a bearish engulfing candle pattern and is looking good for a short if it breaks the fractal level.
Since I alerted a short a week or two ago on BVT it has gone up but is still looking good for a short which is being confirmed by the stochastic.
Bullish Gartley Eur/ZarI was watching this move yesterday on the EUR ZAR pair.
Formed a very nice bullish gartley that is playing out perfect
T1: Smashed at 16.25
T2: 16.60
T3: 16.83
Will asses as we go along!
Trade safe guys!
