SASOLSasol didn't get to my 230 'short' as per my previous analysis. Very overbought on the RSI now, and could potentially retrace. It's now facing resistance ahead, in the form of the horizontal resistance as well the 200dma just above it.
SSL trade ideas
SOLFrom this morning's research note to clients.
SOL | Buy dips 278-280c. Note the 7-day RSI is 70 (‘Strong’ but nearing the ‘Approaching Overbought’ range. Could rally to 295 at which it could be in the ‘Approaching Overbought’ range. This is also in line with the downward trend line connecting the peaks from 14-October.
'This note is geared toward ultra short term/active traders. In addition, the instruments covered assumes no existing positions held by the trader i.e. the next best buying level or next best selling level .'
SOL: some swing upside potential?A bullish trend seems applicable.
Ideal long entry around 27200.
Increase exposure around 29400.
Target at 328000 (just below its 200-day simple moving average)
Stop-loss at 26100.
A complex Elliott wave pattern is busy developing (see the red A B C D and E as well as the blue W X Y).
Time exit: +/- 17 March 2023
Technical rating: medium
SASOL SELL Box Formation 13 SeptemberSasol broke below the Rectangle (Bearish) formation...
It looks like there is a lot of downside to come for the stock as well as oil...
The next support is based on the last years 12 September 2021 level at R245.00
That's where Sasol has a good chance of reaching.
Thoughts?
SASOL - Swing trade (BUY)It seems that SASOL is ripe for a turn higher.
Today (Dec 6th) price turned in a BUY zone between R267 - R273.
As long as price remains above R265 the trade remains valid for a retest of R330 as T1 (15-18% profit)
Target 2 longer term is R370 (30% profit)
TRADE STRATEGY
Aggressive entry - Buy the open price of SOL on Dec 7th or around R280
Conservative entry - wait for retest of price below R275
STOP LOSS - below R265 (5-6%)
BRENT CRUDE OIL
Possible turn today @ $80 for run higher which also bodes well for the Sasol analysis
Sasol is continuing to tank further to R225.43Bear Rectangle is forming on Sasol as it previous did a few months ago. There are bearish signals as the downtrend is continuing.
The 200 > 21 >7 MA which once the price breaks below R277.95 we will have our next target at R225.43.
This confirms with the ongoing drop in oil price...
Sasol closes the gapSasol initially managed to find some support around R280.85 - then a strong day on Friday saw Sasol close the gap higher up and simultaneously break it downtrend. It now faces resistance at its 50DMA (R311.18) but should it rally from here and close above R320 or so, we could see Sasol run up further to its 200DMA (R350). Stop loss on a close below R280.
Sasol (SOL): Bearish Trend ContinuationSasol price has gone below the price of 30 September signaling that more downside is coming restricted by the upper green trendline. Ideally price should reach the orange circle before where shorts can be closed and go long.
Price closing the week above the resistance green trendline will be the stop loss.
SOL bears in full controlSasol bulls have struggled to get the price sustained above the R320.00 ( which is also the 1 year moving average) level in the last 2 weeks, today -10% drop is the result of their exhaustion.
Bears are still in full control and eyeing the R250 level as a next possible support zone.
SASOL limited bearish viewThe energy and chemical company SASOL limited has printed out a very observable pattern of a head and shoulders type formation on the monthly candles and good support turning into resistance and confirmed with nice bearish momentum following a rejection on the 1.618 fib level. the stock is going to have a bearish moment long term according to the price action that it has displayed. furthermore the countertrend line break will act as more confirmation of the drop to less than 2125 Zac.
#John Kalumba.
SASOL - Short IdeaFollowing up on the previous observation, it was important for bulls to defend the R322 level and this has since broken.
I will be looking for opportunities to short while price remains below the 50 day moving average which has since formed a "death cross"
Stoploss = Daily close above R335
Target will be the next swing lows around R230 and then measured move of the head &shoulders pattern .
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Sasol, weakJSE:SOL has been trading below a key MA since early July, it showed characteristics of a Stage 3 setup. A selloff was seen on the ex divi date, and some market participants were comfortable to assume that the selloff was due to ex divi, fair enough. The dividend has been paid now, JSE:SOL is now below a minor support level, it it continues with the downward movement, it may test R290/share
