JSE:NPN is currently forming a small head and shoulders pattern on the 1D chart. If it continues downwards and confirms the break through the necklinr, we could be looking at a target around the 224000 level.
buy/sell when price breaches shaded area. Lets wait and see
JSE:NPN has been trending upward since mid-March and with today's opening, it finally broke below the trendline that has formed. Although unconfirmed as of yet, this could mean a move to the downside. I'll be keeping an eye on what happens here next week for a possible short position.
JSE:PRX formed a bearish harami on Thursday last week which is a top reversal signal. This was confirmed by the break through the upward trendline and the stochastic. This could mean a move downward for a while if confirmed by breaking below the low of last Wednesday.
Elliott triangle+correctional waves will see NASPERS deem a double top invalid as the bull market continues. Fibonacci is used to identify an all-time high. Good luck and follow me for more!
We are developing a scary head and shoulders top formation in both Naspers and Prosus. Should we convincingly break below the necklines of the respective charts at approximately R2376 and R1050 respectively, we have downside targets some 18.6% and 13.6% away from current levels on Naspers and Prosus. (Price targets if H&S formation plays out, NPN : R2014, PRX: R927)
JSE:NPN has formed a head and shoulders pattern and we could be looking at a nice downward move if it continues downward through the neckline.
JSE:MCG formed a Head & Shoulders pattern between March and December 2019, which played out nicely and reached it's target which perfectly coincided with the lowest low of 9031 from 6 March 2019. With yesterday's movement, it broke slightly lower, but retraced and failed to confirm with the close of the candle. Failing to confirm below this low could mean a...
On the Monthly chart for Naspers, here is what I see, we had a bullish reversal pinbar which shows that buyers did take the market up to the 278447 level on 2017 but for the past two years it hasnt been able to get back to that level, meaning the sellers were also trying to gain momentum in that period. Now my prediction is that the buyers are going to be still a...
JSE:NPN is trading at quite a strong resistance level at the moment. If it fails to break higher, the chances are good for a downward move. The stochastic seems to be confirming the trend reversal. As always, I will wait for confirmation before entering.
JSE:NPN has a bullish engulfing candle at a support level which could indicate a turn upwards. The stochastic is also confirming so we could be looking at a long position.
Tencent in Hong Kong looks to be developing a flat bottom triangle pattern - otherwise known as a descending triangle. My only concern from a technical perspective is that these patterns are normally continuation patterns which develop in the direction of the preceding trend. However, there are instances when descending triangles form as reversal patterns at the...
The Resistance level of 255942 has lined up with 2 previous resistance levels as before shown by the red arrows drawn. I think a break above this level would signal we headed for new highs, if we reach this level and fail to break above i think we might see a retest at the bottom of the upward moving channel.
Inverted H&S still in play on the daily timeframe. Channel updated following yesterday's invalidation of previous channel. Parabolic SAR and moving average still supportive of a further upward move. ADX to confirm. Could see a retrace back to 3400 level before upward move.
Naspers trading in an updward channel heading towards the top of an inverted triangle. ADX, sequential SAR supportive of a bullish move.
A break-out above the inverted head shoulder neck line by year end, could see NPN reach new ATH in the early part of 2020.
JSE:NPN has broken out of an ascending triangle and looks good for a small upward move.
JSE:NPN has broken through an ascending support level with a bearish engulfing candle. Looks like a downward move will happen if it is confirmed by today's price action.