Grindrod shot a star & hung a man 2 hours before Friday's close.
On our analysis of JSE:GND on the 28th of August, we saw how price was in the last phase of a bullish penant on the Weekly Chart. price had left a gap around R10.00~R10.20 levels that has to be closed before confidence can be put into any further upward movement, although the presence of a rising tripple bottom on the daily time frame with a bullishly broken neckline does call for preparations to go long.
Looking at last week's price action on the lower time frames (1H), price made a slight rising wedge, which closed off the week with a shooting star and hanging man, coinciding with the high of 07 March 2023. With the DAILY RSI steeply into overbought teritory, this could be a warning that price will move lower over this coming week back to the R10.00~R10.20 zone where buyers seem to have been eagerly waiting to push price higher.
Long positions can be aggressively initiated at this area upon a bullish reversal confirmation, with stops set below R9.60.
A much more conservative approach would still be to wait until the instrument trades and holds well above R10.60~R11.00
Any bullish sentiments will be wiped off the table if the share price dips below R9.00.
Looking at last week's price action on the lower time frames (1H), price made a slight rising wedge, which closed off the week with a shooting star and hanging man, coinciding with the high of 07 March 2023. With the DAILY RSI steeply into overbought teritory, this could be a warning that price will move lower over this coming week back to the R10.00~R10.20 zone where buyers seem to have been eagerly waiting to push price higher.
Long positions can be aggressively initiated at this area upon a bullish reversal confirmation, with stops set below R9.60.
A much more conservative approach would still be to wait until the instrument trades and holds well above R10.60~R11.00
Any bullish sentiments will be wiped off the table if the share price dips below R9.00.