Bouncing off SupportJSE:AGL is bouncing off a support level at the moment with the stochastic turning up. This could possibly mean a reversal, so if it continues upward I am entering a long position.
ZAR
Add Reverse Head and Shoulders to USDZARIn addition to the support found there is potentially a reverse head and shoulders forming..
FX:USDZAR on the cards..
$USDZAR finding lot of support at 14.32Counting of votes for the 2019 elections have begun and there seems to be some shifts. Gauteng in the balance..
Uncertainty might push the FX:USDZAR higher... Stops at 14.28.
USDZAR Bottom of range, potential flag?Currently FX:USDZAR is finding support around 14.32.
On hourly it could form a bull flag for the next run up.
Current elections could be catalyst!
MRP Trend ReversalWe have a Bearish Engulfing on JSE:MRP which was formed yesterday. This could mean a possible trend reversal from the short term up trend.
I have entered a short trade at this morning's opening.
Ascending Triangle Breakout - LHCJSE:LHC has just broken out of a ascending triangle that it has been forming since mid November last year. Because of this I have entered a long position.
An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The breakout can occur to the upside or downside. Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming.
NPN Possible Trend ReversalJSE:NPN has shown a dark cloud cover, which often signifies a trend reversal, so I will enter short.
However, it has been in a very strong uptrend for a while, so I will trade with caution in case it continues upward.
SHP at a Decision-making resistanceJSE:SHP is trading at a resistance level and if it breaks through, I would consider a long position based on the breakout of the longer term down trend, but if it bounces off, I will go short for a shorter term trade.
But I will wait to see what happens first, before I make a decision.
Short on INLJSE:INL has encountered resistance and will most likely turn downwards for a short.
The stochastic is also turning down through the 80 which is a possible reversal sign.
Ascending Triangle MTNJSE:MTN is on the verge of breaking through an ascending triangle pattern. If it breaks through convincingly, I will enter a long position with the target around the level of the close of the gap from August last year.
BID Corporation at ResistanceJSE:BID has been trading in a channel for a while and is at the strong resistance at the top of the channel. I am anticipating a downward move back to the bottom of the channel as it seems to have struggled at the resistance level before.
If the downward move doesn't happen and it breaks through the top of the channel, I will consider a long position.
Morning Star on GoldFieldsA Morning Star pattern has formed on JSE:GFI which is a bottom reversal signal. This coupled with a bounce of the bottom support strengthens the signal.
A Morning Star is found after a preceding down trend where the 2nd candles body must be below the 1st and 3rd candles body. The 3rd candle must close above 50% of the 1st red body.
I will enter this trade long and try to reach the target at the top resistance.
Short on Anglo AmericanJSE:AMS has reached a resistance level just above the 83000 level. It reached this high on the 22nd of March bu then retraced all the way down to the 72000 level.
Before this, the last time it reached these levels was in April 2010.
My thoughts are that it is going to retrace downwards again and I am looking for a move back down to the 72000 level. If it does break through the previous high, we can see a move towards the 90000 area.
But my bet is on a short.
Sideways channel on BidvestJSE:BVT is trading in a sideways channel and has been since mid-November last year. It has reached the top of the channel and will most likely bounce on the resistance and continue downwards. I will enter a short around the 21600 level if it goes down.
Our target level will be the bottom of the channel around the 19000 level, which is also a significant level because round numbers tend to act like magnets for the price action.
If it fails to bounce off and breaks through the resistance, I will consider entering a long position.
USD/ZAR: Buy on Bottom Dsecending Channel !!BUY & SELL Above Given Chart or
You Can Also set Own Risk reward.
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !!
FOSCHINI GROUP REVERSALJSE:TFG is reversing following a bearish engulfing chart pattern that formed. We can aim for the support level around the 16000 level.
Bullish Harami on OMUJSE:OMU has developed a bullish harami which is a typical reversal signal - so we can expect a move upwards with a target around the 2270 level.
USD/ZAR pointing downwardsAfter hitting marked resistance level, price started consolidating and pointing towards downside.
I would expect some sort of pullback before entering this trend, but I would not enter before we get close below 50 moving average and black line.
USD ZAR SELL (US DOLLAR - SOUTH AFRICAN RAND)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to hit the top of the pattern and watch strong price action for sell.
EURZAR 1:3 Risk Reward SHORT (Fundamental + Technical Analysis)Zar
Fundamental Quant Score: +33
- Retail sales grew to 1.2% showing consumer confidence in South Africa
- PPI breached forecsats by 0.1% which is healthy for producers
- Interest rate decisions had no signs of dovish action so investor money flow should continue flowing into South Africa
- Trade balance showing a huge surplus
Technical Analysis
- Daily Sell zone
- Daily hammer head/ evening star formation
- Rejection from the current zone shows big money flowing out the EUR and into ZAR
- Wait for a 4HR lower low then a retrace to confirm the move ad possibly enter in that region depending on the fundamentals and technical outcome
Some good signs for ZAR and EUR has continued to weaken the past week
