Sanlam lacked momentum above 8100 level and are now trading back in what looks like a channel. In that channel it is building a bear flag that if broken could challenge the bottom of that channel. A lot of if's, but's and maybe's here.
Sanlam setting up for a breather after the strong distribution zone at R 84 – R 86 (trade resistance) holds.
Of the view the stock will take a breather and consolidate around the trend support located at around the R 73.00 / R 75.00 levels.
The Sanlam Group is one of the largest established financial services groups in South Africa. Established in 1918, the group demutualised in 1998 and Sanlam Ltd then listed on the JSE Ltd. and the Namibian Stock Exchange. The group has business interests elsewhere in Africa, Europe, United Kingdom, India, the USA and Australia.
Daily: We can see an impulse move...
A reverse Head and Shoulders has formed on JSE:SLM .
It is currently trading on the neckline and if it breaks out convincingly we can expect it to go all the way to around the 9000 level.
This target level is established by measuring the distance between the top of the head and the neckline and copying the measurement on the upside.
This level coincides...
Patience as it tests the channel. Possible retrace for good buy entries .
Possibility of a channel break to test support/resistance zone
Patience Patience
Sanlam - Weekly Chart - The price is failing to regain it's position above the upward trend line/incline support. Another share vulnerable to lower levels (valuation slightly elevated).
