ZAR
Gap to close on ANGJSE:ANG has formed a bearish harami which is a strong reversal signal. This could signify a change of direction to a downward move. There is also a gap to close that formed on the 20th of Feb.
Gaps tend to act as magnets for the price and like to be closed. I have entered a short position and will look to close either once the gap has been closed or further down at 18000. The 18000 level is quite a significant support level, so I wouldn't be surprised if it went down to that level.
EURZAR: Short opportunity on the 1D Lower High.The pair is trading on a long term 1D Channel Down. With both 1D (RSI = 51.944, Highs/Lows = 0.0000) and 1W (RSI = 47.364, Highs/Lows = 0.0000) neutral, we have a strong sell signal on the Channel's Lower High. TP = 14.8000.
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Cup and Handle Trade on INL & INPJSE:INL has formed a Cup and Handle pattern which is a bullish continuation pattern.
"As its name implies, there are two parts to the pattern: the cup and the handle. The cup forms after an advance and looks like a bowl or rounding bottom. As the cup is completed, a trading range develops on the right-hand side and the handle is formed. A subsequent breakout from the handle's trading range signals a continuation of the prior advance." (from Stockcharts.com)
I have entered a long position on today's price action as it has broken through the level at the top of the cup.
To establish the target, I have measured the depth of the cup and extrapolated it upwards which goes all the way to the next resistance level.
THE EXACT SAME STRATEGY CAN BE APPLIED OT JSE:INP
USDZAR short term short and long term longThis one made a big rally the past weeks, even getting above that green zone on the left without hesitation. Now it has some resistance from that channel, but because the move up was so strong, it is becoming more likely that it will break sooner or later. Normally we should see it make a healthy correction first the coming week or so. On the right we can see a possible double top, normally it should stay below the green zone. The max should be around the red zone.
Previous analysis:
USD/ZAR due for a correction soonBad news in South Africa (power utility troubles caused the price to rally extremely high). The situation is somewhat normalized as of now but insolvency issues for the power utility company still persist.
RSI shows super overbought so expect a drop sometime soon after slightly more uptrend and perhaps sideways.
This is still in a strong downtrend on the daily chart so I'm pretty sure the trend will continue.
USD ZAR SHORT.... like my temper ;pYou can see we have a well respected trend line and a strong resistance level, currently price is nearly at these so we can only see price movement to the downside.
Again look how clean and and clear we keep our charts... remember simplicity is key... F#ck all the so called GURUS telling you that you have to use 200 indicators and follow there holy grail strategy that they have got FREE off the internet in-between w#nking off to p#orn in his mums basement!!!
Possible long on PSGJSE:PSG has broken out of the sideways trend that it has been trading in for quite a couple of months. It has formed two higher lows in a row and has broken through the long term resistance and bounced off of it as support.
If the price moves above the last high I will enter a long postion.
Looking at a short position on SAPJSE:SAP formed a bearish engulfing candle pattern yesterday which could signal a reversal. This seems to be whats happening at the moment.
For the lat couple of months it has been making lower lows quit regularly. If the price breaks through the latest lower low from the 16th of Jan, I will consider entering a short position.
USDZAR: Buy call on Inverse Head & Shoulders.The pair has formed an Inverse Head and Shoulders on 1D with the neutral ADX - 34.570, Williams = -52.239, CCI = -21.3641, Highs/Lows = 0.0000 indicating the sideways bias for the next 5 sessions during the creation of the right shoulder. 4H (RSI = 46.340) also calls for sideways trading within the 13.77 - 13.98 neckline, so we are taking a long with TP = 13.9600.
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NPN ReversalJSE:NPN has shown a bullish harami which is a strong reversal signal. This pattern formed at a previous resistance level which strengthens the signal.
We can expect a downward move as the stochastic is also turning.
If all goes well, w can expect it to go all the way down to the support at around 280000 and we will exit the trad if it breaks through the resistance at around 318000
MRP Upward price channelJSE:MRP has been trading in an upward price channel for quite some time and it has broken through the mid line recently and is looking good to go upwards. Along with this, the stochastic has recently turned up through the 20 line and the two EMA's have crossed upwards.
I will look to enter around the 25000 level with a target around the 26200 level