Brait has been in a long-term downtrend. After a substantial redistribution in 2018, the markdown continued in 2019 with a smaller redistribution also forming. Now we have seen another range forming that has broken the downward stride of the recent markdown. Some volume on the rallies and a spring-like action has made me biased that this is a small accumulation...
As per previous posting
- BRAIT JSE:BAT broke out from the flat top triangle but was met with resistance at the 100ma
- Trade closed by trailing S/L
- Will be watching where in closes today for further clues.
Brait has been marking down in a defined channel. Price has now reached the overbought line of the downward stride and some volume is seen. Negative divergence on the volume RSI also points to a continuation of the downward trend.
BAT - Brait has broken up above a bullish cup&handle pattern.
Neckline was broken above R14.50 level and has since consolidated above it for the last 4 days.
First target come in around the R17.30 area. RR 1:1.5
I previously highlighted a bear flag which was forming on the daily chart, after which we saw the big price drop on January 14.
That January 14 big red candle is now acting as the 'pole' for another bear flag which is/has formed.
At a price of R28 (or better) I'm going 'Short'.
In December we saw the price breaking below the R32 support area.
Now the price seem to be making an attempt to test the breakout level, but a bear flag is forming in the process.
I'm monitoring the R30.50/R31 area for a 'Short'.
Since last months Wyckoff evaluation of the trading range (see link below) we are still waiting to see a change of character signalling that the creek will be jumped. Price has tested the bottom of the trading range on low volume indicating that supply has dried up. Volume has been low since the previous high volume test of the bottom of the trading range....
Brait (BAT) stock is being accumulated since December 2017. A volume profile cluster is found between 37 and 39 were buyers have been active. After some high volume tests at the bottom of the range, a lower volume test indicates supply has dried up and the stock could be ready to be marked up. There is divergence between price and the Volume RSI. Once the...
A short technical note from our Unum Trading Desk analyst, Lester Davids.
"On the Brait (BAT) chart, following the test and breakout of the downward trend line, the price has given us a small 3-day pullback, with a positive close yesterday. The RSI is starting to move out of oversold territory so there could be a potential buy/long opportunity on the share .
A...
