Sasol has shown a decent recovery from the last selloff.
Also winning the recent Emissions court case seems to have Boosted the Stock Price.
The Chart is self Explanatory.
As always, please get a few outside Expert's Advice before taking Trade or Investment Decisions.
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There are two potential rising formations to come for Sasol.
Either Rev Cup and Handle or Inv Head and shoulders
We do need the confirmation though for upside to continue to come.
Moving averages yield a Medium Probability setup with
Price>20
Price<200
Oil is also confiriming a short to medium term rally which will help push up the price
Target R228.61
Sasol, a behemoth in the international chemicals and energy sector, traces its origins to the oil-from-coal technology developed during South Africa's apartheid era. With approximately 50% of its profits tied directly to oil prices, Sasol's performance is closely linked to the volatile energy market. The company has strategically positioned itself for growth...
See link below for previous analysis.
Sasol has continued its strong selloff, going well below the support zone of my previous analysis.
Price action is giving better Elliott Wave context.
I am looking at the bear market from 43860 as a zigzag with the bounce from 13226 for wave (iv) of .
The zigzag is well contained in a falling channel and a clear break out...
We have previously detailed the short position on Sasol (see linked idea), now we analyze the bullish case, Sasol price has diverged from Brent, brent is seeking a daily cycle high while Sasol is seeking a cycle low. Here we see a Hammer candle forming at the point of the 0.50 retracement of downtrend. This area is also a support level set by price as it moved out...
We've held onto the Sasol short and extended the take profit.
Purely based on the bigger picture on a weekly chart.
There's an even larger Inv Cup and Handle.
Price has broken below the Brim level and entered into a Down regression channel. By the looks of it, the price will tank down to R83,96.
The nature of the trade is HIGH probability as the Price<20...
Sasol (SOL) is a massive international chemicals and energy company which has its roots in the oil-from-coal technology developed during the apartheid era in South Africa. About 50% of the company's profits are directly linked to the oil price. It has two main growth areas - its 50% stake in an ethane cracker plant in Louisiana, America, known as "Lake Charles...
'Distance Divergence'. Similar to the traditional bullish or bearish divergence used when looking at a MACD, RSI or Stochastic, the 'distance divergence' is where the indicator (price distance vs moving average) develops a lower high or higher low vs the price. At current levels, Sasol (SOL) is printing a lower low however, the distance vs the 75-day EMA (i.e. the...
Sasol, a global powerhouse in the chemicals and energy sector, traces its origins to the oil-from-coal technology developed during South Africa's apartheid era. Approximately 50% of its profits are directly tied to the oil price, with significant growth ventures including its 50% ownership in the Lake Charles Chemical Project (LCCP) ethane cracker plant in...
Sasol (SOL) is a massive international chemicals and energy company which has its roots in the oil-from-coal technology developed during the apartheid era in South Africa. About 50% of the company's profits are directly linked to the oil price. It has two main growth areas - its 50% stake in an ethane cracker plant in Louisiana, America, known as "Lake Charles...
Sasol is likely leaving behind a cycle high as it got a strong rejection at the 200DMA, the blue line defines a cycle, we expect price to close below this line moving into a daily cycle low. Price is in a rising wedge channel (bearish). Bulls would want to avoid price going lower than R225.22. It is noteworthy that enroute to a daily cycle low, price must go lower...
Rising Flag formed on Sasol, the price broke below.
And it was all downside from there.
We saw the price tank way past our target of R184.52 and then some.
Now I'm getting a lot of requests to what we should do.
Well personally I'm just waiting.
We need to be patient to wait for another consolidation and breakout. Just as every other market.
Trading...
Wednesday 13 December 2023 06h30 Sasol Ltd (SOL, 17124c). Has reached an inflection point i.e. a print at the lower boundary of it's downward trending parallel channel. Current phase = high bearish momentum/approaching oversold. No sign of price stability as yet but remains on the watchlist for a buy/long entry/re-entry.
Sasol is in week 19 of a weekly cycle, it has wasted precious time in a ranging price action. Here we see price is facing resistance of the 30 week moving average while supported by the 200 week moving average. Price is caught in a triangle that can break either way, however because of time we can be expecting the cycle to be looking for a top.
Curiously the...
Rising Flag formed on Sasol, the price broke below and beautifully it went down on a strong trajectory and declination. The price remained below the 200MA confirming the bear market for the company.
The price came down in a strong fashion takeing it to the first target of R184.52.
The oil price also coincided with the Sasol price having the downtrend dominate...
In follow up on my first post of 25 August 2023, we see that after four serious attempts to overcome the neckline of the Head & Shoulders pattern, it seems #Sasol has given up that fight and also went on to slip below the lower line of the slightly upward sloping channel. The implied target of the H & S pattern is way down lower.
Rising Flag formed on Sasol after the continuous downtrend.
We see price remains below 200MA which makes a nice risk and reward trade for the short.
Target remains at R184.52
