Cup and Handle has formed on JSE ALSI.
The price broke above the Brim level, came back and tested the support showing upside is on the cards.
7>21
Price remains below 200MA but as I like to say, the more it tests it the more likely it will break above like thin ice.
Target remains at around 76,185
W Formation formed on Grindrod since March 2023.
And the price has finally broken above the neckline.
This gives a decent signal that there is upside to come from the buyers.
Other indicators confirm too:
7>21
Price>200
RSI>50
Target 1 will be with a Risk to Reward of 1:2 at R12.60
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Diversified Group:
Grindrod Limited is a South...
Since the last update, Sanlam formed a Falling Wedge, The price broke up and out of it and headed up.
Then the sellers kicked in and tried to bring the price back down. However, the new established support was proven to be what kept the bulls strong.
This was also a great opportunity to go long and buy the conservative entry level.
Before we knew it, the...
Falling Wedge formed on Old Mutual and the price broke up and out of the pattern.
Since then it's been going to our first target of R12.61.
It is still on course.
Last few weeks, OMU has formed a W Formation (another breakout pattern). Once the price breaks this one, the next target could be as high as R13.38.
Other indicators confirm upside to...
We based the short trade off a Symmetrical Triangle.
The price broke below and then took quite a while, but eventually hit the target at R3.20.
Now there is a new Cup and handle formation in the process. The 7 has crossed above the 21MA and there is a higher low creating an uptrend.
We need the price to break before we can expect a relief rally to the 200MA...
Right now it's anyone's guess.
The market has been so illiquid with low volatility, that the only signs are pointing are down.
Box Formation (but not a strong one as three supports and resistances have not touched).
However, there is a range bounded movement with lower highs and very little confirmation of upside.
It needs to break out of the downtrend before...
Bearish box has formed over the last couple of months with Pick N Pay.
The price broke below the support and made a runaway gap.
This is a gap that runs in the direction and accelerates down the trend.
This is very bearish for the stock
200 >21>7
RSI<30
Target R38.42
