AGL - Broken through previous lowsJSE:AGL has broken through a quite significant support level and confirmed it with an open and close below. We could continue downward with the current momentum.
ZAR
AGL - Broken through previous lowsJSE:AGL has broken through a quite significant support level and confirmed it with an open and close below. We could continue downward with the current momentum.
USD/ZAR weekly downtrade but daily created uptrend opp.Firstly USD/ZAR weekly downfall (yellow lines) started in 03/09/18 is still continuing and it may continue until May 2020. It's also supported by RSI and Parabolic SAR indicators. Support line of this trend is 13,82. You can see the chart attached below;
On the other hand when you zoom in to daily chart; Steep downtrend in green line has been broken both on price and RSI indicator.
You can see the 13,82 support worked very well, it tried to break support 5 times but rejected each time. After that the price broke the green downtrend and started to go up to yellow resistance line.
Geren arrow: Critical point in here is that if it can break the yellow resistance trend (started in 3/9/18) and go up to 15,47 resistance which seems unlikely to me but possible.
Red arrow: Or would it fail to break 14,75 (yellow line) resistance and go back to weekly downtrend channel. This way it may test 13,82 support again.
For both scenarios we have to check if the moving average (orange) will break thorough bollinger and if RSI will break the yellow downtrend and 70 point.
My play would be waiting until it reaches yellow weekly down trend line, than to see the reaction to see break/bounce and go with it.
#USDZARTime range specified;
We have divergence;
In case of successful breakthrough of Methuen Yellow Range to Green areas;
Support and resistance are identified;
APN - Triple bottom formingJSE:APN seems to be forming a triple bottom at the bottom of a parallel channel. If it fails to make new lows, we could possibly see a long movement up towards the top of the channel.
NPN Triangle BreakoutJSE:NPN has broken out of an ascending triangle and looks good for a small upward move.
Naspers possible reversalJSE:NPN has broken through an ascending support level with a bearish engulfing candle. Looks like a downward move will happen if it is confirmed by today's price action.
MTN at strong resistanceJSE:MTN is currently at quite a strong resistance level and the expectation is that it will find resistance again. If it bounces off the resistance level, we will look to enter a short once it breaks through the fractal of 26th of July.
If it breaks through the resistance, we could possibly be looking at a potential long position.
Mediclinic - Bearish Engulfing @ ResistanceJSE:MEI is showing a bearish engulfing at an established resistance level. If it confirms by going lower than yesterday's candle I will consider a short.
Mr Price - Breakout or Bounce?JSE:MRP is heading towards the bottom of a channel that it has been trading in. If it breaks through the bottom, I will consider a short position. Conversely, if it decides to bounce off the bottom of the channel, I will wait until it breaks above the high of today before potentially entering a long position heading towards the top of the channel.
Investec consolidation breakoutJSE:INL has been trading in a parallel consolidation channel since December but it seems to be breaking out with today's price action. If it confirms with tomorrow's price action, it could be setting up for a short position towards the support zone around the 7700 level.
RDF going downJSE:RDF has broken through an ascending support level and confirmed by opening and closing the next candle below it. It is looking good for a short position but I would wait for confirmation from the breakout of the fractal from 8 Jul before entering.
BVT range breakout After trading in a range for quite some time, JSE:BVT has broken through the strong support at 19000.
A confirmation below the fractal level of 3rd of July could signal a nice downward move.
Truworths - break through strong supportJSE:TRU has broken through and is busy confirming a downward move with today's price action. We could be looking at a nice downward move it continues downward today.
OMU - Short on Momentum StratJSE:OMU has broken downwards through an ascending support line. This is confirmed by the crossing of the EMA's as well as the downward direction of the Stochastic and the MACD.
ANG - Ascending triangle breakoutJSE:ANG broke out of an ascending triangle pattern a few days ago and came down to test the top of the triangle as support. If it breaks the fractal of the 19th, it could make a nice move upwards.
TFG possible triangle breakout at supportJSE:TFG is currently bouncing o a support level and looks like it might break out through the top of a triangle pattern. If it breaks through the fractal of 19 July, I will consider a long position. Failing that - a downward breakout might very well mean a downward move towards the 16000 level.
CLS - Bearish EngulfingJSE:CLS formed a bearish engulfing pattern which seems to be playing out. We will wait for a close below the low of the engulfing candle before entering a short position.
SPAR - descending channelJSE:SPP is trading in a descending channel and has just bounced off of the top resistance level. We can expect a downward move towards the bottom of the channel or around 17780.
SAPPI upward move possibleJSE:SAP has currently broken through a previous support level as well as a fractal level. If this is confirmed by a close above this level, we can possibly be looking at an upward move.
CPI Bounce off support zoneJSE:CPI has bounced off of quite a significant support level and is looking like it could be on its way up if it convincingly takes out the fractal from the 19th
MNP Head & Shoulder pattern formingA Head and Shoulders chart pattern is forming on JSE:MNP and if it confirms by breaking through the neckline, we could see a nice move downwards.
