Coronation Fund Managers (CML) is a prominent asset management firm in South Africa, notable for being the only one of its kind listed on the Johannesburg Stock Exchange (JSE). Established in 1993, the company experienced significant growth until 2015, at which point the founding CEO resigned and Adrian Pillay took the helm. Despite Pillay's qualifications, his...
See link below for previous analysis.
Coronation stock is a long way off from its glory days peak.
The stock spent all of 2023 trading in a very tight range between 2868 to 3850 cps.
There's a small double bottom formed by the 2901 and 2868 lows but this looks very small in the context of the larger trend.
I will sit on my hands in the mean time until I see...
After a shock rally from lows of R4.15 in early 2009 to highs of R115.20 going into 2015, Coronation has been on a downtrend that formed a large falling wedge. both bearish and bullish legs within the wedge have been lasting 2 years on average, with the latest bearish leg starting early 2022 before getting intercepted by a sideway trend just 9 months later towards...
Coronation (CML) is one of South Africa's largest asset managers and the only one listed on the JSE. Founded in 1993, the company grew very well until 2015. At that point, the founding CEO resigned and a new CEO, Adrian Pillay, took over. Pillay is eminently well-qualified for the job, but things have not done well since he took over. The company was heavily...
Coronation (CML) is one of South Africa's largest asset managers and the only one listed on the JSE. Founded in 1993, the company grew very well until 2015. At that point, the founding CEO resigned and a new CEO, Adrian Pillay, took over. Pillay is eminently well-qualified for the job, but things have not done well since he took over. The company was heavily...
Coronation Prints Inverse Head & Shoulders Pattern as seen on this simplified Line chart.
Technical Analysis show this to be a Bullish Signal.
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Regards Graham.
A price action above 3100 supports a bullish trend direction.
Increase long exposure for a break above 3300.
The target price is set at 3400.
The stop-loss price is set at 3100.
The 200-day is acting as major support.
Some range trading seems applicable.
CML Coronation Fund looks to be showing signs of support despite all the bad news
and SARS issues.
While this is very early days, and the likelihood of the court case appeal win is small, should they succeed, expect the shares to POP.
Will have to wait and see.
Post your thoughts and further analysis.
Regards Graham.
Coronation (CML) is one of South Africa's largest asset managers and the only one listed on the JSE. Founded in 1993, the company grew very well until 2015. At that point, the founding CEO resigned and a new CEO, Adrian Pillay, took over. Pillay is eminently well-qualified for the job, but things have not done well since he took over. The company was heavily...
A price action above its 200-day is building a base.
Hence, a price action above 3200, supports a bullish trend direction.
Further bullish confirmation for a break above 3300.
The first target is at 3400.
The second target is at 3300.
Stop-loss is at 3200 and then 3100.
A MACD bullish crossover (see the lower panel) might trigger such upside potential.
Broad. Diamond & Asc Triangle has formed on the stock.
In this case it's a reversal patternf countering the prior downside.
We have had a breakout of the Diamond and soon Asc Tri.
Other indicators confirm upside to come.
7>21 Price>200
RSI>50
Target R38.59
SMC: Sell Side LIquidity OB
Coronation has been in a strong bear market since peaking in November 2021.
The bear seems to be losing momentum as price has traded sideways since September 2022 and it looks like price could be forming a double-bottom reversal pattern.
The neckline of the double-bottom is still some distance ahead at 3850. A clean break above the neckline will confirm the...
Broad. Diamond has appeared on the daily.
Either the price breaks down as a continuation from the prior trend.
Or the price breaks up.
My bet is on the price break up. Thats because the low of the Dimaond is showing a Sell Side Liquidity Order Block. (Explained lower)
Othe rindicators
7>21 Price>200
RSI>50
Target one is a short term T to R38.28. Break above...
The stock has rallied well off the lows and is looking to go retest the R34.10 level at this rate
R31.50 needs to hold on any possible major pullbacks ...
Box formation is strong with CML.
We need to wait for the price to break up or down from the formation, or it can be a long sideways move.
If it breaks up the target will be R46.00
My bias however is more to the bearish side.
and so if the price breaks below the current uptrend line and below the box formation, it's pretty much a given.
Provided that that the...
The CML broke above the Triple Bottom and just made a massive fakeout and shakeout.
It hit the stop loss as I warned from the last analysis, the previous trend was sideways.
This made the probability medium for a trade.
But this comes with the territory and we need the price to break out into a confirmed trend.
Nice breakout from a long base on Coronation. The stock has been down along with the general market for a why.
With the general market turning bullish both JSE and US asset managers should do quite well. Thus adding some with at the back for nice 5+ R:R
After reaching a high of R36.50 and paying out a dividend, CML has retraced back to the 0.618 level R31.93
Bulls will want to hold this level to prevent a further decline towards the R30 zone. Strength from here could target div gap close.
