$S32 breaks out of channel (gap)1pm. volume building nicely to qualify a buyable gap up into yearly all time high. needs confirmation tomorrow, good risk reward near support
S32 trade ideas
JSE:S32 South32 breaking key resistanceSouth 32 (S32) has broken key resistance at R40 on Friday and made new highs. With the push in to the level for the fourth time we could see good volume before the break. With the trend up we see relatively low volumes indicating that there is very little sellers in the market and they are holding onto their stock. We can expect a good push up to the overbought trend line which has been defining the trend.
S32 - short to medium term share price forecast update.Share price value has risen 14 % within one month since I pointed out the change of direction to the upside. Share prices seem to be moving steadily within the upward price channel and the wedge price pattern after creating a price gap to the downside on 23rd of April 2018.
Share prices are now approaching a critical resistance point at around the 4.00 mark. A break above this price point could see prices continue its uptrend movement and head towards the next two resistance/target price point at 4.16 and 4.26
Failure could see prices pull back to around 3.90 or 3.81 support.
$S32 in a bearish pennant patternsee chart. Price is currently bouncing in the pennant. wait for a confirmed BO - typically a bearish pattern
S32 short idea-27 Week drooping H&S pattern
-Potential 5 Week symmetrical triangle launching pattern
-30EMA and Bollinger Bands on a daily scale are forming to align with the short side but would not be what I call imminent signals
Will risk 100 to 150 basis points on breakout of larger pattern
S32.ASX Digging into the detail price action1. We have two price gaps to fill at this current stage. 3.49 to the upside and 3.14 to the downside.
2. Prices are currently trading above its 500 moving average and also just above 3.30 support. the next resistance is at around 3.34
3. A break below 3.30 support could see prices fall to around 3.14 to fill the price gap.
4. A break above 3.41 could see prices move further up to fill the price gap at 3.49
South32 - $S32 - LSE - LongLooking at a long if we break above Fridays close.
We have seen a large amount of volume at this area which has 2 major confluence areas. The first being the support level, the second being the 200ma. Price opened below but failed to stay below and completely engulfed Thursdays candle.
The first TP will be 180 the second will be 200. Looking to run a tight stop on this as any movement below the 200ma and support level would be a bearish move.
