Bidvest has been moving in a sideways consolidation pattern called a Diamond Pattern since November 2023.
This is where there is a tug of war between the bulls and the bears.
BUt the fact that the price is holding quite well despite the international market crashes, means the buyers are holding the stock strong.
It will most like need a few more weeks/months...
Merafe was easily set to great upside to R1.72
This was due to a Box Formation, Upside and Price above the moving averages.
But then 22 cents Dividend was given out which caused the share price to drop quite quickly.
So is the analysis still on? I guess it is as long as it hasn't hit the risk level.
But these are things to take into account and learn from.
M Formation has formed on PPC since November 2023.
This is a very risky trade analysis due to the high volatile nature of the share.
But if the uptrend holds strong and lower highs continue, we could see a very big fall with the cement company.
Medium Probability Trade
Price<20 and Price <200MA
Target R2.37
BOX Formation has formed on Renergen. Also there is a rounding bottom.
The price has broken above the neckline of the Rounding Bottom but not the box form yet.
Once it does, we should get an easy indication that the market wants to head up.
The nature of the analysis is Medium probability due to
Price>20MA
Price<200MA
Target 1 will be to R21.82
There are two potential rising formations to come for Sasol.
Either Rev Cup and Handle or Inv Head and shoulders
We do need the confirmation though for upside to continue to come.
Moving averages yield a Medium Probability setup with
Price>20
Price<200
Oil is also confiriming a short to medium term rally which will help push up the price
Target R228.61
Head and Shoulders has formed on Absa Bank since 28 December 2021.
Major downside to come if the price stays below the brim level.
Price< 20 and <200 and the background has turned red.
Target R76.08
Inv Rev Cup and Handle formed on the daily chart.
Absa has been coming down on a strong trajectory, despite the upside in the US.
Technically, we have a strong likelihood that the price will continue down.
Price< 20 and <200
Target R127.02
Broadening Formation (Vuvuzela) and W Formation is forming on AngloPlats.
We are seeing synergy with the upside with the platinum price and platinum stocks.
I guess no suprise knowing they work in tandem with each other.
Also, there is a good chanc eof upside with the price above both:
Price>20 and Price>200
Wait for break above the necklines and we could...
M Formation has recently formed on PPC.
We are seeing negative signs more than positive.
On Tuesday, the price crossed below the 200MA which confirmed downside to come.
Now we can expect a test and a consolidation period before further downside, but well need the price to cross and close below the 200MA first.
Target R2.37
The South African currency has been weakening for years, but it has already tried to break through the support shown in the picture three times. It may be worth placing a short position up to the lower support.
We saw Capitec form a W Formation. The price broke above the neckline and then made a fakeout.
Now it will be testing the uptrend support line before further upside to come.
I am bullish cautiously, but we still need the demand levels to pick up.
The target will then be R2,485.00
Standard Bank has formed an M Formation.
The nature of the analysis is down and is a sell as it's broken below the neckline and the price is below both the 20 and 200MA>
So it looks like the next target is R150.00.
FUNDAMENTALS
Fundamentals also came out today and yesterday which could influence the price and the large candle today.
Standard Bank Group...
I always feel hesitant making big predictions for Penny Stocks. Especially after they've been through hell and more hell.
Well, all I can say is there seems to be some stability around the lows of 49 cents, where the demand and buying keeps pushing the price back up.
So if we get a break above the brim of the cup, we could see this market rally to...
Symmetrical Triangle was a a text book trade. The previous trend was up. Price broke above the apex 3/4s in and the momentum continued up.
We had further indicators of confirmation for upside to come.
Price>20
Price>200
Target 1 R206.03
So what now? Well we can expect somewhat a consolidation, and a potential Cup and Handle to form. Then we have the next target...
The W Formation target reached at R12.60.
We then had a skew Cup and Handle, which the price has broken above its brim level today.
It's another High Probability position as the
Price>20
Price>200
Next target will be at R14.40.
WIll update you on anything if it changes.
Bell Equipment reached our first target R20.54 in November 2023.
It then had a mark-up phase before consolidating into a W Formation.
Once the price broke above, we knew demand and buying was still on the cards.
technically we have price above both 20MA and 200MA.
So the next target for Bell Equipment is set to R28.68.
ABOUT THE COMPANY
Bell Equipment...
This is from the last update.
We saw an Inv Head and Shoulders from AUg 2023 to December 2023.
The price then broke above the Brim and the entire market went through an uptrend trajectory.
Higher lows each time, one fakeout, then a continued bullish momentum nuation.
Price remains above the 200MA and 20MA which signals upwards to come.
The target remains...
These Penny type stocks are very difficult to analyse technically.
There is little volume, high volatility and almost no liquidity.
You can see this by jumping candlesticks between ranges (bids and offers).
So we can deduct a few things but with less certainty than with Blue Chips.
1. Downtrend broken
2. Price ready to break above 200MA - Bullish trend
3....
