RDF reversalJSE:RDF seesm to be reversing it's trend at the moment and we could be looking at a long position if it breaks through the fractal.
RDF trade ideas
Redefine Properties making a 4hr chart Inverted HS pattern?If RDF closes above R8,00 today it will confirm its IHS breakup, first Targets around the the R8.50 mark.
Risk: 1 unit.
Reward 1.5 units.
Why ain't my landloard picking up?This can't be good for Redefine? A recent break of RDF's long-term resistance line definitely has me worried. With a forward dividend yield (according to Thomson Reuters) of over 12.5% it's looking mighty attractive and the current consensus target price of R9.80 is looking more than just the roof away. It does look extremely oversold (according to it's 14 day RSI), but man...this chart looks like trouble. Think I'll put down my first installment and start laying the foundation.
Buy RDFSupport can be found @ R8.05 - diagonal resistance @ R9.20. RDF and the J253 appear to be oversold at current levels.
RDF going downJSE:RDF has broken through an ascending support level and confirmed by opening and closing the next candle below it. It is looking good for a short position but I would wait for confirmation from the breakout of the fractal from 8 Jul before entering.
JSE:RDF Redefine Markdown Starting?I have been expecting this to start for (See post below) a month. Finally, the backup to the trading could be complete and the markdown can begin.
JSE:RDF Redefine Properties Effort without ResponseRedefine has broken below the trading range (TR) and there has been some effort to push back into the TR which has failed. With some high volume on the retest, I am now expecting the markdown to start.
Dark Cloud Cover on RDFJSE:RDF has formed a dak cloud cover which is a top reversal signal, so we can anticipate a downward move. Bear in mind that there is also a tempting gap to fill above the current price, so if it goes up, I will enter long at the fractal from 3 June.
Redefine (RDF)Redefine has been trading in a range of between R10.64 and R9.35 since Q3 2018. It briefly broke out of the range yesterday and reached an intra-day low of R9.25 which now could act as a short-term support level. The 50-day MA @ R9.96 will be a resistance level. The SARB repo rate announcement on Thursday afternoon + Moody’s credit rating decision Friday could lead to volatility.
Long on RDFI have entered a long position on JSE:RDF as it had formed a bullish harami on Friday which often signifies a reversal. It traded higher this morning and triggered my order.
Aiming for the significant resistance zone around the 1050 area.
