This may be a chance to be part of Grindrod Ltd's moon trip.
JSE:GND has had an unbelievable turnaround in its share price. In june 2014 the share price kissed its tripple top resistance goodbye and the price took a massive beatdown. Price found some support in the R9.56 ~ R10.60 zone, which it then broke and immediate started a falling wedge. The falling wedge played out beautifully and price formed a cup back to the support it had broken.
Looking at the current price action, we are in the final phase of a bullish penant, which formed as a handle to the cup right at the R9.56 ~ R10.60 zone. Price closed strongly bullish last week although it left a market gap on the lower time frames between R10.00 and R10.20, which needs to be closed before price resumes its upward journey.
Overly Aggressive long positions can be be initiated at around R10.00 if price retests this level with a bullish continuation pattern on the lower time frames, otherwise investors can wait until price is trading and holding well above R10.60. A more conservative approach would be to wait until price is trading and holding well above R11.00 to initiate a long position.
Bullish sentiments will be taken off the table if the instrument's share price falls below R9.00.
Looking at the current price action, we are in the final phase of a bullish penant, which formed as a handle to the cup right at the R9.56 ~ R10.60 zone. Price closed strongly bullish last week although it left a market gap on the lower time frames between R10.00 and R10.20, which needs to be closed before price resumes its upward journey.
Overly Aggressive long positions can be be initiated at around R10.00 if price retests this level with a bullish continuation pattern on the lower time frames, otherwise investors can wait until price is trading and holding well above R10.60. A more conservative approach would be to wait until price is trading and holding well above R11.00 to initiate a long position.
Bullish sentiments will be taken off the table if the instrument's share price falls below R9.00.