After the break of the trading range (TR), we have had a backup (BU) with some extra effort but the price could not break back into the TR. After waiting some time for the BU to complete (see post below) the markdown phase E is beginning.
- Price trading back within sideways channel
- Testing overhead resistance at 2040-2050c
- Volume has been declining however confirmation of a push higher will be a much-need spike in volume
- Target: 2210c
The backup level has been tested again in Old Mutual. It seems that the markdown that we have been waiting for (see post below) could be set to start now.
Old Mutual has been trading in this range for more than a month now. The HOURLY stochastic is heading south and nearly in an oversold position. Will the price bounce from here or will it go to test the bottom of the range?
JSE:OMU has formed a flag shape which is a bullish pattern and it has broken out and will most likely continue upwards. I will, however, wait for further confirmation before jumping in.
$JSEOMU C&H set up still in play bt the squabbles @ Exec levels could disrupt the formation
Looking for 2300 and above to confirm while a close below 1921, I will abandon the idea
Neutral for now
