Looking at the daily chart there’s quite some wind behind this trade. We have a combination of a golden cross, a pull back to the 50 day EMA that holds, inverse head and shoulders pattern, the right shoulder forming a falling wedge. Plus the cup and handle pattern from the weekly chart. I will start building my position on the break through the neckline close...
Last week Thursday (pre-market) our tactical perspective suggested: "Aggressive Buying But Do Not Chase-Look For Overshoot and Failure To Hold Highs To Short-Sell Back To The 8-EMA" - see related.
The price has since has since retreated, but may be heading lower, setting up a potential rebound buy for ultra short term or day traders.
What's the range to buy?...
Bearish MACD crossover supports downside price potential.
RSI leaves enough room for further downside price potential.
Below 6210 supports a bearish trend. Breaking above this level, will change the trend to bullish.
The 200-day might act as major support.
This morning, our tactical model for SLM suggests the following: " Aggressive Buying But Do Not Chase-Look For Overshoot and Failure To Hold Highs To Short-Sell Back To The 8-EMA ".
A manual review of the chart notes the price at a clear supply zone however we know it has the ability to overshoot.
If it trades above resistance and fails to hold, does that set...
A weekly close above R65 triggers the long idea with full target at R85. Stop loss is a close below R55. The pattern is still developing and as long as previous swing lows of R55 holds the patter is on and pullback towards R60 and lower could be a better entry.
It will be key for SLM to close above R60 in order to have a chance to retest swing highs. Otherwise it will start to form a right shoulder on the bigger H&S pattern
Well, everything on the globe is being marked down, and this includes SA banks & financials, despite much improving underlying fundamentals.
Prices for all of them are now under their 5EMA which is under their 15EMA. In this weak sentiment environment I'm looking for them to give back another 5% or so before bargain hunters like myself can't resist the risk. ...
SLM made a bullish pin bar on Friday. A move above highs of R56.80 triggers long idea to close the gap from the Divi declared last week to R58.60. Stop loss close below R55.
SLM made a bearish pin bar with volume on Friday after results, not a good sign. Below R63 triggers the short idea towards support at R60. Above R65 short idea is out.
JSE:SLM broke the downward trend that it was trading in since July 2020 when it formed higher highs in early November 2020. Since then, it has been consolidating and has found significant support on the 200 Moving Average. I will wait for a breakout of the consolidation zone, and if it breaks through the 6000 level, I will consider a long position.
Wish I got around to posting this earlier this morning but unfortunately got distracted! The 3-month consolidation above the 200 Daily SMA has finally broken out. The initial breakout target is at the Monthly S2 near 62.90 with the full target near the Monthly S3 @ about 65. Stops should be considered at 57.70
JSE Life Assurers | Volatility Compression At The 200-day Simple Moving Average (SMA) | Our filter has recognized technical similarities between the four major life assurers, where the price has been consolidating in a tight range around the 200-day SMA following an extended period where the price traded in a downward trend below the SMA. We recognize the 200d as...
