A price action above 640 supports a bullish trend direction.
Increase long exposure for a break above 675.
The target price is set at 714.
The stop-loss price is set at 610.
Notice how the 200-day and 200-week simple moving averages act as confluence support.
Remains a risky trade.
JSE-HMN is potentially forming a Double Bottom pattern in a bullish momentum.
Waiting for confirmation with a break above the neckline and confirmed support above R5.29.
Potential target area of R6.89.
Target 1 - R5.89
Target 2 - R6.44
Target 3 - R6.89
Resistance at the Neckline could see it continue the previous down trend.
I stumbled across the Hammerson PLC chart this morning.
After some doodling around a bit, I'm pretty convinced there is "Falling Wedge Pattern" that has emerged.
I would be lying if I'd said I have done any fundamental research on HMN, other than having a look at some of their latest SENS articles (to make sure there are no gremlins lurking).
I did however...
So far this morning, property shares have been flashing, hitting highs of the day.
HMN has developed a pennant (~65% complete) where I expect further consolidation before a push toward the upside of the structure.
Entry is a break and close above the trend line ~800c.
Target: +920c - 940c
Stop-loss: 740c
Lots of doubt for the sector (justifiably so)...
Good to see JSE:HMN back above the 200EMA. It better push up this time, today's close had a good amount of volume. A swing trade here, stop just below the ATR, target the swing high near R13; a 1:4
Bullish Pennant (47%)
Pros:
Volume during post formation
Descending volume during triangle formation
Volume at break out
PPS above 50MA and 200MA
RS above 0
ATR Ascending
R/R ratio above 8
250RSI above 50
200MA ascending
Cons:
RS flat
Target:
PT = 47.76$
Help how ever you can to keep this alive.
Thank you to those who have donated Coins!
Always do your own due...
Hammersons has had a 5 month consolidation below 600c. Morgan Stanley has been buying here too. A break above 600c will trigger more buying and short covering.
HMN established a proper bottom around 330.
*Nice bullish weekly candle developing here on decent volume breaking the down trend.
*Weekly close above 10ema will confirm the long idea. 500 looks to be the level to watch.
*Stochastic indicator is very oversold on the weekly chart.
Possible targets are 800 then 1300
NB!! This is not trading advice, my ideas and opinions...
