Discovery broke out of a falling wedge and is now consolidating in a bull-flag while at the same time working off the oversold conditions. Risk accepting investors have no problem buying at these levels. In the short-term price is expected to go above R132-133 level to confirm trend remains up.
The plan is to hold while assessing the JSE Top40 index. When it shows bearish moves to the downside one would want to take profit, alternatively one can target the pole of the flag for taking profit +17% which would be around R146 resistance. Consistently taking profit is good for one’s trading and investing journey. Capital gains in short term will allow exploiting bigger wins later in the journey.
The plan is to hold while assessing the JSE Top40 index. When it shows bearish moves to the downside one would want to take profit, alternatively one can target the pole of the flag for taking profit +17% which would be around R146 resistance. Consistently taking profit is good for one’s trading and investing journey. Capital gains in short term will allow exploiting bigger wins later in the journey.
Trade closed: target reached