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.
ZAR
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.
Daily Analysis and trade idea on USDZAR by ThinkingAntsOkConsider this as a guide to develop your own setup.
Main Items we see on the Daily Chart:
-Price has broken a major ascending trendline
-Currently, the price is against a support zone
-The downside potential from the current support to the next one is -2.5%
-We consider that area as a good zone to open short trades
Trade Idea
-If the support is broken, you can wait for a pullback and then look for an entry on lower timeframes, another idea is to look for candlestick patterns to open a trade
-The Stop zone is above the Support Level, with a distance of separation to avoid fakeouts.
-The Take profit zone is the lower trendline of the triangle (main structure)
This is just an Idea with the objective of being ahead of the movement you are interested in, if this scenario happens, this will give you time to look for last details before opening a trade, IF you were watching this asset
RNI channelJSE:RNI is currently trading in the middle of a sideways channel. If it breaks through the last fractal, we could possibly see a move towards the top of the channel.
Fractal breakout on LHCJSE:LHC is looking good to break through the fractal from 11 July. If it confirms above this, it could make a move to the resistance level at around 2800.
Looking for higher highs on BVTJSE:BVT seems to be heading for a break through the high from the 16th of July. If it breaks through this high we could be looking at a move up towards the resistance level at 21000.
ABSA on its way upJSE:ABG has broken through a descending resistance and has confirmed the break with yesterday's action. If it breaks through the fractal from the 12th of July's candle, it could mean an upward move.
VOD Long if breaks through fractalJSE:VOD is looking good for a long position if it breaks through and confirms on the fractal.
Engulfing & Resistance Breakout on SLMJSE:SLM has broken through a descending resistance with an engulfing candle. Opportunity for a long if it confirms by breaking through fractal level.
Hammer & Bullish Engulfing on SBKJSE:SBK is showing a hammer followed by a bullish engulfing. If it breaks through the fractal level from the 11th of July, a long position could be on the cards.
MND - Bullish Engulfing at supportJSE:MND is showing a bullish engulfing at support. This is confirmed by the breakout and close above the descending resistance. Looking good for a long if it confirms above Monday's high.
FSR Long possibilityJSE:FSR broke through a descending resistance and could possibly be ready for a long position. Once it closes and confirms above the breakout candle, you can consider a long.
DSY Bullish reversal possibilityJSE:DSY formed a bullish engulfing pattern at a support level, but is yet to confirm. If it breaks and closes above the level of the engulfing candle, it could possibly go long.
Large Correction For More UpsideUSDZAR is currently forming a larger correction that I initially anticipated. This means that the correction that I had looked at before as being a 3 wave correction, was actually only wave 1 of the larger correction. Looking at the current setup, I expect price to break the low of wave one, market with the red line, before there is a reversal to the upside. I will be looking to enter the long when a reversal confirms but may look for smaller trades to the downside in the interim as well.
Happy trading!
Linton White
JP Markets
South Africa
