SSL trade ideas
sasolFor the fiscal year ended 30 June 2021, SasolLimited revenues increased 6% to RAN201.91B. Net incometotaled RAN9.03B vs. loss of RAN91.75B. Revenues reflectChemical Africa segment increase of 13% to RAN58.26B,Chemicals Eurasia segment increase of 15% to RAN45.54B,Europe segment increase of 10% to RAN48.53B, United Statessegment increase of 10% to RAN31.25B. Net Income reflectsImpairment of PPE decrease of 69% to RAN33.97B (expense).
Sasol - uptrend Sasol is starting to look attractive.
There is potential for a 50% upside return within the next 12 months.
All risks aside - Sasol is looking strong and in an uptrend.
Price target is R320 by next year June/July
Sasol must stay above R160 and within the yellow uptrend to confirm this uptrend continuation.
Pullbacks can be used as entry points to accumulate.
Disclaimer:
This shouldn't be misconstrued as investment advice, always seek with a professional financial adviser before making any investment decisions.
Short Term Trade Setup: Sasol Earnings on 16/08 so traders will need to be out before then.
Buy/Long Technical Drivers:
- Pennant formation, price emerging from this pattern.
- Re-taking the 8 x 21 EMA
- 7-day RSI at 56 and pointing higher
- Holding the pivot
Target is the upper boundary of the 21-day (monthly) and 63-day (quarterly) LRC.
Current: 22184c
Buy here (22184c), or better
Stop: 21610c
Target: 22900c
As noted previously, my main medium term preferred accumulation level is sub-R195...not sure if we get there. Let's see.
SOL: repetitive price action?The price action remains in a declining channel pattern.
However, the price action seems to be in a repetitive price action swinging between the low and the high of this declining channel pattern.
RSI leaves enough room for further upside price potential.
Wait for upside price momentum to support the price action.
RSI leaves enough room for such a bullish bias.
Setup remains risky.