South32 is looking at breaking the bottom of the TR range that has been formed. The price action in the TR looks like it has had an upthrust (UT) that caught me when it happened. We have seen a last point of supply (LPS) and now we are looking for a break lower.
Looking at South 32, we may derive the following from the weekly chart:
1. A noticeable h&s pattern had been formed over the past 2 years.
2. Price is on the neckline support.
3. A push down should trigger the technical pattern.
4. It's pretty dangerous to trade it now, wait for confirmation.
5. As always - maintain your risk management.
Let's see what...
End of week 26Apr19. Another great week for #Coronation & #Naspers. FTSE/JSE All Share Top5 oversold/overbought according to 14day RSI indicator as follow:
Oversold:
Rebosis Property 30
South32 32
ArcelorMittal 33
Intu Properties 36
Hosken Consolidated Investments 36
Overbought:
Coronation 81
Blue Label Telecoms 78
Santam 73
Transaction Capital...
A little like Kumba S32 is looking week in a strong sector. The relative strength to the resources sector is rolling over. I previously looked at the structure as accumulation but this seems to have been an upthrust (UT) that met with supply (Increased volume on UT). The volatility to the downside has increased from 19 to 28 to 34%. The upward stride has been...
S32 gap down yesterday then finish the day on a high, on the daily chart it is showing a inverted head and shoulder pattern. So we might see bullish day for this stock.
Watching this stock today with a short bias, due to its gap up with a bearish shooting star on the 13 ema. the key level is $4 it cant break through, its try 4 times already, might slip to $3.68 then bounce off of the 50 ema. or the alternative it could be a up trend pull back, but the last candle is not helping its case.
S32.ASX continued its run to the upside with a price gap in today's trades 14/1/2019. S32 share prices have breached 3.45 resistance in the first hour of today's trades and need to maintain its trading activities above 3.45 to continue to its next target at 3.50.
S32 share prices could pull back to around 3.38 support if it fails at 3.45
South32 is a globally diversified metals and mining company. They mine and produce bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc in Australia, Southern Africa and South America. In May 2015, South32 successfully demerged from BHP Billiton and listed on the Australian Securities Exchange, the Johannesburg Stock...
After the breakout in September South32 had pulled back to the breakout level (see previous post in the link below). This retest can be used to provide a tight stop and a good RR ratio as the stock continues to the overbought trend line.
South 32 (S32) has broken key resistance at R40 on Friday and made new highs. With the push in to the level for the fourth time we could see good volume before the break. With the trend up we see relatively low volumes indicating that there is very little sellers in the market and they are holding onto their stock. We can expect a good push up to the overbought...
Share price value has risen 14 % within one month since I pointed out the change of direction to the upside. Share prices seem to be moving steadily within the upward price channel and the wedge price pattern after creating a price gap to the downside on 23rd of April 2018.
Share prices are now approaching a critical resistance point at around the 4.00 mark. A...
-27 Week drooping H&S pattern
-Potential 5 Week symmetrical triangle launching pattern
-30EMA and Bollinger Bands on a daily scale are forming to align with the short side but would not be what I call imminent signals
Will risk 100 to 150 basis points on breakout of larger pattern
