SLM bounce on major long term support expect retraction markets showing signs of bullish sentiment will monitor this week for confirmation
JSE:SLM has broken through and upward trend as well as a fractal level and is busy forming lower lows which could be a sign of trend reversal. It is looking good for a short position with lots of downward momentum.
SAnlam limited trading a key level a potential drop on the break of the trend line
Sanlam has outperformed Standard bank by a margin of 27% from the lows we saw in May of this year. The chart of their relative ratios ( SLM / SBK ) has now approached an important area of resistance (0.46 to 0.477) which has been in place for the last two years. If you take a look at the individual charts of the underlying counters, one will notice that Sanlam has...
- The share has had a very strong push since mid-August. Take caution not to extrapolate the current strength. - Overhead resistance - may 'pop' above before retracing - Price action similar to the prior periods highlighted.
Economic Times has reported that Sanlam is negotiating to buy an additional stake in Shriram Capital. Sanlam already owns 26% of Shriram and it represents something around 10% of their valuation. The sale coincides with an exit from TPG Capital, a 10% Shriram shareholder. According to the Economic Times, the deal is valued between R2.8bn and R3bn. Softer ZAR...
JSE:SLM has reached quite a strong resistance zone at around the 8200 level. It seems to be struggling to break through which is also being confirmed by the stochastic. I will enter short if it is confirmed.
Having been relatively flat through 2019, Sanlam may have finally built some momentum to end the year. October has been a great run thus far let us hope it can carry this through quarter 4.
$JSESLM Sanlam Limited has been testing the 81-82 level for close to one year with limited success of breaking through. So far it is holding up well above the R80 mark. Will see how this plays out but there is strong resistance on the R81 level. Watching it for now.
Price action remains in a declining channel. MACD bearish crossover. Downwards price momentum. Time to exit: +/- 15 October 2019 Previous idea also on the chart.
JSE:SLM formed a bearish harami a few days ago which might be signalling a reversal. It is looking like it so far and the stochastic is confirming it. I will, however, wait until confirmation on Monday before entering a short position.
Another very simple set-up here... SLM making lower highs to form a flat bottomed wedge. I'm looking to short the top and I expect the price to make its way back towards the base. I don't think it will go all the way there so I'll be looking for somewhere near R73.00. The price is looking a little over-extended on the Stochastic RSI so If it breaks back above...
Sanlam is making a 123 reversal pattern that could see the stock trade up to R75.40 if we can get a close above the neckline of R72.45 This stock has made similar patterns in past observations that has worked nicely. RR : 1:2
Improving bullish trend according to our proprietary technical scoring methodology. Broke above its 21-day simple moving average - first bullish break in the last 22 days. MACD bullish crossover (middle panel) - first bullish break in the last 38 days. ADX (lower panel) - giving an indication that the recent strong bearish trend might be ending. An early...
JSE:SLM is showing a bullish harami pattern at quite a strong support level. We could possibly be looking at a bullish reversal if confirmed.
Sanlam is a name that keeps coming up on our systems. Extremely negative price divergence is at play with strong weak stochastics pointing to expectations of further pain ahead. I am of the view that Selling into strength and strength will pay off!
JSE:SLM has broken through a descending resistance with an engulfing candle. Opportunity for a long if it confirms by breaking through fractal level.