Hosken Consolidated Investments Prints an Inverse Cup and Handle formation.
Use your own discretion in making decisions and get an Expert's Advice.
Smash that Rocket Boost Button to show your Appreciation for my TA Studies.
Regards Graham.
Hosken rallied 1187% from 1600 to an all time high of 20600
From May 2022 however, the rally has been fairly lethargic.
Price has continued to make new higher highs but these new highs have been at almost the same level creating a triple top structure.
The MACD however has failed to confirm these new tops creating a double divergence.
For a stock to rally 1187% in...
JSE:HCI printed a new all-time high this week, and there's a decent amount of volume. The upward movement might have some steam in it. Potential long setup, it's worth considering the overall market strength. Breakouts tend to fail in weak markets.
The bullish stock with an upsloping 200ma has rallied off major support and so far clocked up +25.89% gain for the month of February ...
Next hurdle will be swing high R200
JSE:HCI is attempting to break above the previous high. This could also be a potential resistance level. Bulls vs Bears. We always root for the upside.
JSE:HCI had a great year after trading above R84/share. The stock went on to gain 124% plus before trading sideways. It's not trading closer to a potential support level, but if JSE:HCI can trade below R145/share, it might easily give up the solid gains. Investors don't have to, they can always lock up their gains.
JSE:HCI printed (the market isn't closed yet) a bigger candle, the body cover's last week's body, and there's a decent amount of volume. Price is trading above key MAs, the MAs are facing up. It could be something.
HCI is currently trading well above it's 40 week SMA.
The average is up, and the MACD doesn't indicate any divergence. (Momentum remains intact).
I feel prices could look to reclaim the R89.50 mark, which was previously a somewhat temporary support.
Overall the chart lacks any immediate "Bearish" indication of a reversal.
This is currently one good looking chart.
