OMU Weekly/Daily Range Contraction - Breakout PendingOMU's range has been contracting week by week since the 30th of April. It has now broken this range to the upside giving as indication of higher prices to come in the following weeks.
OMU trade ideas
OMU - Descending TriangleDescending triangle pattern building on OMU. Will need to close below previous swing lows, at R11. First target at R10 and full target at R7
$JSEOMU update on this chart$JSEOMU update on this chart, it could break through the resistance here
$JSEOMU Old Mutual Trading inside a channelOld Mutual has been trading within a defined channel since March this year. The channel has got an upward trajectory. A long position can be attempted at the bottom of the channel 1200 for a top of channel 1500 target. A break below 1200 should trigger a stop loss. Some volatility has moved back into markets, so take care with any new long positions.
$JSEOML Old Mutual Flat top triangle break with a retestOld Mutual made what looks like a flat top triangle break with a retest of the 1250 breakout level. Targets remain 1440 & 1550 for this share.
Old Mutual - Ascending Triangle breakoutJSE:OMU broke out of an ascending triangle pattern in a downwards direction. We could be seeing a small downward move towards the previous low of 924.
$JSEOMU Uptrend breakOld Mutual broke the uptrend channel today after a pretty dismal trading statement yesterday. We might be going down to test previous lower levels 980, 930
OMUThe chart structure of OMU reminds me of the recent price action in IPL where a channel continuation and downward trend line break saw the price make string gaiins. Yesterday we saw OMU close with a strong candle as it open below the EMA-20 and closed above the EMA-10. To the upside we have a 'gap' that potentially closes. (1) we may see a day or two of further consolidation, or (2) another strong push through trend line and recent short term consolidation. The break of the dotted downward trend line would signify a change in short term trend. Alsp note the tick up in volume yesterday (18/05).
JSE:OMU Old Mutual Making Me WaitI have been waiting for the markdown to start in Old Mutual (See posts below) for a while. However, price has been testing the 2000 level but has been unable to break it. With a significant bar with some volume the last two days the new year might finally bring the markdown.
$JSEOMU WEEKLYOld Mutual WEEKLY is on SUPPORT and has started to rebound. Target 20.84 the top of the WEEKLY range.
JSE:OMU OLD Mutual Finally Markdown StartsAfter the break of the trading range (TR), we have had a backup (BU) with some extra effort but the price could not break back into the TR. After waiting some time for the BU to complete (see post below) the markdown phase E is beginning.
$JSEOMU - Possible inverse H&S (Daily)$JSEOMU watching a possible inverse H&S formation
Wait for a b/o above 2050 to confirm
