Since we completed this IH&S we might see this guy going down following the ABC waves
Following the signs of strength (SOS) observed in December 2020 - see post below - we have now seen a significant bar breaking out from the back up (BU) to the previous trading range. The markup is now set to get going.
Possible entry and exit areas for long term.
Blue Label has formed an accumulation base (See the previous post below), broken out had a shallow pullback and is now ready for the markup. We are looking for a target of R5 and then possibly R8 giving some potential upside.
JSE:BLU - Broke falling trend line (325/6) on strong volume Full TP 403
Blue Label Telecoms has been having a torrid time of it but we may have turned the corner and ready for a markup. BLU has been ranging from September 2019 but now there are signs of strength (SOS). After breaking above the yearly pivot point divergence in the volume RSI and increase in volume on the way up. The Relative Strength has also turned and is stronger...
Starting to look like we could see a medium to longer-term trend change here.
Downward price momentum supports a bearish trend direction. Alternative: Might the 200-day act as some support?
Back into this channel and 334 might just become a target once again.
Target IF we remain above 276c today is 334c. Speculative buy.
Looking to go bullish on this stock toward the resistance.
Channel traders can look at adding at the 255 levels if that level holds. If that level however breaks, you need to stick to a stop loss. It could get ugly. Not a trade for orphans and widows. Cell C defaulting on their loan is dragging this share down.
Channel ping-pong. 255 seems like the next target.
Looking at another potential fake break of the channel. 255 could very well become a target again. No Position.
Today a bear flag broke on the news of a potential Telkom buyout of Cell C. If this proves to be a fake break then it could present a buy opportunity, else stay away. If this share trades above 255 by close of business, it could reach the top of the channel 299 very quickly. Speculative bet not for orphans & widows.