APN trade ideas
Aspen run looking tired $APNAfter a good run from Aspen, it looks like the gap up will have to be wait to be filled. The share has run out of steam and tracking lower. Import level here as it should find support near its 50 day MA, otherwise likely to fall back to 200 day MA - which looks to be currently around R100
APN - RSI Signaling Pullback PotentialAPN 11884
- RSI losing trend line support in contrast to price remaining above TL support
- RSI breakdown is often 'early' signal of potential ST weakness (ahead)
- Candle Structure: A close below 11825 will form bearish engulfing candle
- Prior breakout zone (backtest): 11062
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.
APN - Potential Bottom FormingWe may derive the following from the Weekly APN chart:
1. Price has respected the double bottom.
2. It is probable that price will test the resistance level first and come back down.
3. Monitor price action and wait for a long set up.
4. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.