JSE:CLS has broken a strong trend line that it has honoured since around October 2018. We could see a downward reversal from this point if confirmed below around the 21600 level.
JSE:CLS has been in a consolidation phase since the 4th of May in a sideways move. Today's price action has caused a breakout of this consolidation zone with quite a lot of momentum causing a bullish engulfing candle pattern to form. If it trades higher tomorrow, it will be looking good for a move to the upside.
Buyer beware - the rising price in Clicks since 23 October (about a month) happened on falling volumes (and at all time highs) - suggesting the upwards momentum might have run its course, at least in the short term.
JSE:CLS is trading at a significant resistance level at the moment. It will most likely not break through this level. The stochastic indicator is looking like a turn downwards is imminent as well. If this level is broken and a higher high is confirmed, we could continue with the strong momentum in an upward direction. We will just have to wait and see which...
JSE:CLS formed a bearish engulfing pattern which seems to be playing out. We will wait for a close below the low of the engulfing candle before entering a short position.
Bearish Swing Pivot CCI crossed the +100 mark downwards
JSE:CLS has formed a bearish harami which is a reversal signal. The last harami didnt play out, so I will wait for a confirmation before possibly entering on Monday.
JSE:CLS has formed a bearish harami and is looking good for a downward move.