I don't know why I feel like the general market has blown too hot too early but nevertheless, looking at the REM chart, it does appear to be hitting resistance at current levels. On top of that the share has become extremely over-bought (on the daily chart) with momentum also waning. I expect a small pull-back before any further upside. I plant my flag at R135.50
Excuse the busy chart. Looking to buy Remgro on further sign of strength. Stochastics oversold. Target R 145.50 and stop off about R132. Steady share to hold for a swing trade
Watch the QuanTechMental analysis using this link youtu.be
Remgro is undergoing massive restructuring of its underlying investments so one needs to focus a lot on the fundamentals.
Restructuring does not always bring the value unlock investors look for and can end up being value destruction.
The charts show that since bottoming at R82,93 and rallying to a peak at...
There's no doubt that we are in a bear market. All the heavyweights are showing bearish reversal patterns. The JSE TOP 40 has confirmed a bearish reversal pattern. I anticipate a drop to around R90 price range.
We have entered a long position on JSE:REM based off of the turning of the stochastic and MACD as well as the crossing of the 3 and 15 EMAs. The target for this trade is the 154 level which coincides with the highs from March 2022.
A bullish engulfing candle formed on JSE:REM with yesterday's price movement and a long position was triggered today. we are looking at a target around the R153.50 level.
Below 13100 supports a bearish trend direction.
Downside price momentum applicable.
Trend strength keeps a strong trend that is gaining momentum intact.
However, close being in oversold territory.
Keep an eye on a possible temporary pullback.
Within my research, among the new segments I've been adding, is a slide called LONG PIVOTS:
It's geared to toward those with a short term view (intraday day and ultra short term traders), potentially looking for quick price appreciation.
Key Trading Levels For Buy/Long Side Continuation
The highlighted levels may or may not trigger during the upcoming trading...
There has been a big gap in JSE:REM since June 2020. It has been slowly making its way up to fill it and finally closed the gap with the highs of earlier this month. The upward momentum has disappeared and it loks like we might be heading down for a bit. The momentum indicators are also showing the same thing
REM made a reversal of horizontal support and closed above its 50dma. It also shows positive reverse divergence which is bullish. I am looking for a move back to R123 - R125.
Trade ideas are my own and not financial advice.
REM has shown support at R104.50 for the last month. It has earnings this coming Thursday and a trading statement has already been released last week. If it manages to hold this level there could be a potential long idea of support with a nice R:R trade. Target at swing highs of R110 with a tight stop loss below R104 (close).
