When looking at a chart of the
JSE
, the technical indicators are looking increasingly bearish.
At current levels, the stock is also at a good level to sell and open short positions. But let's analyse the chart in more detail.
The first thing to note is that there was strong support at R148.00. The stock has now thoroughly broken through that level.
All three EMAs are in a bearish order and the MACD is trading in bearish country, indicating that a bearish trend is in force. The Slow Stochastic indicator is currently at 32, well below the 50 mark which tells us that there is weakness in price strength.
JSE
is thus not looking healthy and more downside should be expected.
Action: Place a Limit order to SELL at R142.00 with a Stop Loss set at R156.00. I will aim to take profit at R128.00 and R120.00 respectively.
JSE
, the technical indicators are looking increasingly bearish. At current levels, the stock is also at a good level to sell and open short positions. But let's analyse the chart in more detail.
The first thing to note is that there was strong support at R148.00. The stock has now thoroughly broken through that level.
All three EMAs are in a bearish order and the MACD is trading in bearish country, indicating that a bearish trend is in force. The Slow Stochastic indicator is currently at 32, well below the 50 mark which tells us that there is weakness in price strength.
JSE
is thus not looking healthy and more downside should be expected. Action: Place a Limit order to SELL at R142.00 with a Stop Loss set at R156.00. I will aim to take profit at R128.00 and R120.00 respectively.