SteynTrade

SteynTrade

As previously indicated Prosus - see links below - is following Naspers down and gaining momentum in Phase D of a Wyckoff analysis.

SteynTrade

Following the distribution of Naspers - see the links to 5 posts below - we have had another test of the highs with rejection on above-average volume and spread. The markdown in the Wyckoff method Phase D labelling is gaining momentum. This is confirming my original evaluation of a distribution.

SteynTrade

Increased volume is reading NPK for the break out above the yearly pivot point. We observed the underlying strength in the stock - see link below- but the increased volume could indicate the readiness for the stock to start the move.

SteynTrade

Following the progress of Aspen - see posts links below- we have seen a reaccumulation range. Some increase volume before the Easter break with a significant bar could be reading the stock to take the next step higher.

SteynTrade

Since the lows, in March 2020 City Lodge Hotels has seen increased trading volume on the JSE at the 320 level and below. We have now seen a pullback to this level which is also the 50 and 200daySMA with increased volume significant bar. This looks like the markup in Phase D of the Wyckoff trading range and we can expect this to continue to the top of the trading...

SteynTrade

A high volume buying climax in the last couple of day is playing out the accumulation range previously identified and we are now in the markup phase. See the post made in January below. However, the high volume is likely to be a buying climax that is likely to roll out into a trading range. This trading range is likely to be a reaccumulation trading range and...

SteynTrade

Prosus still following Naspers down with some significant volume and bar on Friday.

SteynTrade

Friday brought a significant bar, some volume and a break of the 50SMA which all indicates some momentum to the downside. See posts below following Naspers lower.

SteynTrade Updated 

Shoprite had a push to break the yearly pivot point with some volume but after a the upthrust (UT) there has been two lower volume test that has failed. A large reversal bar yesterday also indicates the path lower is open now. We are likely to test the 10000 level and potentially breaking it. This looks like a backup (BU) after the breakout of the previous trading...

SteynTrade Updated 

The JSE has had a good run showing some signs of strength (SoS). After a spring and markup, we tested 60000. Buying interest is lower than November/December which could indicate some consolidation in the short term. This could result in a backup with a set of the breakout level at about 54000. Will watch how this develops.

SteynTrade

Prosus is being distributed on the back of Naspers - see posts below. Time to watch for the volatility.

SteynTrade

Following the weakness in Naspers - see posts below - since December we are now being marked down in Phase D as defined by the Wyckoff distribution range. We have seen a couple of tests of the highs that have failed and we are likely seeing a transfer of stock from strong to weak hands. We are now anticipating a break of the upsloping distribution range....

SteynTrade

High volumes in Massmart is pushing the price higher and buying is becoming ever increasingly desperate. A bigger bar than has been seen with some volume but not that high is showing that the has been bought up by the "Composite Operators"/"Strong Hands" and there is not enough stock to satisfy the demand. This should push the price higher.

SteynTrade

Following the markup of Distell - see post links below - after the breakout, we have seen a consolidation recently. There has been some effort (high volume) to push the price down but the response was only a shallow pullback not even making it back to the breakout level. We have now seen a significant bar and we are now looking for a continuation higher.

SteynTrade

After following Redefine down since mid-2019 it is time to follow it up - see posts following it down below - it is now time to follow it up. A base was formed starting in March 2020 which has turned out to be an accumulation trading range. A last point of support (LPS) was formed making higher highs with signs of strength (SoS) with some volume behind the move....

SteynTrade Updated 

Nampak has formed a long term (on the weekly timeframe) declining wedge that has been broken and the mark up has been started. We have seen above-normal volume on the stock, a break of the base that was formed since early 2020, signs of strength (SoS), backup (BU) to the trading range, markup and now a reaccumulation at the yearly pivot point. The volume indicates...

SteynTrade

Invicta has moved up from the bottom of the downtrend which we followed - see link below. After breaking the downtrend some consolidation has taken place but after a spring and some volume the consolidation above the downtrend price has broken higher and we can accept that the downtrend has been broken and we are looking for a markup to higher prices.

SteynTrade

Following the markup in Aspen since the start of 2020 - see posts below - we are now ready to take the next step up. The last two days have had increased spread showing strength to start the markup.