A price action above 24500 supports a bullish trend direction.
Further bullish confirmation for a break above 25500.
The target price is set at 26600, almost the 100% Fibonacci retracement.
The stop-loss is set at 23600.
A concern remains the complex correction pattern that is unfolding.
For a third time now it seems as if #Sasol has had no success in overcoming the neckline of a massive Head and Shoulders pattern, which can then lead to the conclusion that a price of below R70 could be on the cards if this pattern plays out. A possible formation of a bearish flag pattern also brings no further solace.
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 (23/08/2023) - MONTHLY CHART:
Sasol's monthly chart shows a rounding bottom pattern, similar to movements in August 2008 and April 2011. The price appears to consolidate around a support zone, excluding the COVID-related drop.
This might lead to a sideways phase followed by a potential long-term uptrend.
Note: The time taken for the pattern's first half...
A price action above 24300 supports a bullish trend direction.
The 38.2% Fibonacci level might act as some support.
Increase exposure for a break above 24700 (50% Fibonacci level).
The target price is set at 25200 (its 61.8% Fibonacci level).
The Stop-loss is set at 23800.
Remains a very risky trade.
JSESOL broke the neckline of a huge H/S pattern and consolidated in the form of a bearish flag since March 2023 as a retest of the broken neckline. Trading below R221 levels could see us plummet all the way to R71 in the long term.
Sasol broke the neckline of a huge H/S and consolidated in the form of a bearish flag since March 2023 as a retest of the broken neckline. Trading below R221 levels could see us plummet all the way to R71 in the long term.
Sasol Prints a Cup & Handle formation - however the Handle looks to have already played out.
Should the Cup work the R273 area is possible.
Lets trust it does for those Invested.
Regards Graham.
The last update showed the early development of a potential double bottom.
The key level of 22136 has held firm and price has broken above the resistance trendline and price action looks impulsive.
Buy the dips above 23367
Sasol had a solid day clocking up a 5.84% gain on the back of news causing energy fears.
Price close above the down sloping 200day moving average and at its highs which is bullish.
Next level of interest is the swing high at R266.20 and then R275.
Ideally bulls will want to keep it above the 200dma to keep the momentum going or risk a fade to close gap at R250.
JSE:SOL has tested this MA several times and failed to remain above it. The stock is back above this level, but there's a bit of an overhead resistance. Taking TVC:UKOIL into consideration, a long position is worth a punt.
Sasol makes a case for a cycle low on 26 April with a yearly low price set at 20 March. The share price is seeking a yearly low price, the previous was 1094 days ago or the COVID low. Yearly lows are great entry points for good gains, in this case we can expect price to challenge the previous highs of over R400. This is one to keep an eye on and will be updated...
JSE SOL Sasol is at previous Resistance Level and the potential to break though is looking good.
Fibonacci levels show a probable 8-16% upside.
Will watch closely to see if this plays out.
Enjoy.
Regards Graham.
CHART IS SELF EXPLANATORY
Sideways trend within a general downward trend. First trade swing trade. If target reached could possibly do a breakout trade from the box formation. time will tell
Strong move since my last post, with the share advancing from below 240 to a high of 26400c on Wednesday.
See original post attached.
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JSE:SOL seems to have found support near R226 and has fought its way to low R260s. A close above R265 will be interesting.
Let's not discuss oil prices and other stuff that's going around globally.
A promising break on Sasol which could target 270 in the short term. But 280 remains the area that buyers need to reclaim to change the trend. Coincidentally that 280 is also were the 200dma is.
