AMEX:XLK is up nearly 40% year-to-date, with a decent recovery in the tech sector. NASDAQ:AAPL hit $3 trillion yesterday and other ETFs such as the JSE:SYG4IR are benefiting from the tech strength. AMEX:XLK is now near the previous all-time high, if there's enough strength from the holding companies, this level should be cleared easily. Keep moving.
JSE:SOL better hold that R225 level. There's potential pain below it. The rally to R265 was promising, unfortunately, it ran out of steam.
Gravity seems to be strong for PGMs miners. After several attempts to stay above R32, JSE:SSW has given up. R22 does seem like a possibility. Froneman, do something.
JSE:TGA back at the recent low level, not the absolute low. A break below the absolute low will send the stock towards R120/share, with a possibility of reaching R100/share. Time will tell.
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.
NASDAQ:GOOGL at another area of value. A close above $127-ish opens a window for a potential move to $142. Always rooting for the upside.
JSE:ANH back below the previous resistance level. The previous long trade idea is now invalidated; our stop was hit few weeks ago at break-even. Might be a good setup for a short position targeting R800 (a worse case scenario for the stock).
JSE:WHL broke below another distribution level. Overall, JSE retailers are under pressure for various reasons; load-shedding and some justt poor managemenent decisions. How low can it go? Note that JSE:CLS and JSE:MRP are also weak.
It obviously depends on how far you zoom out and how you draw the trendlines. However, the chart doesn't paint a good picture for JSE:SSW Buyers are needed to step up and save the stock. No position.
JSE:IMP is at a multi-year area of value. This is supposed to be a support level, I wonder how long can it hold. If it fails the stock will have a rough ride. No position.
NASDAQ:TSLA could be onto something. An upward move confirmation will be a close above $211-ish. I saw a tweet saying that Model Y was their best-selling car in Q1 '23 but this is irrelevant to the technical setup.
I've been waiting for NYSE:BABA to crack on the upside and the stock has consistently disappointed. Maybe a downward move is all that is needed now.
JSE:SYG4IR is one this week's 52-week high. That's a wide base, and the ETF is at an area of value. It may be worthwhile to consider this ETF.
JSE:TGA has been on a downtrend and breaking below potential support levels. The stock fell ex divi, and it's now hovering near an area of value. Without support at this level, the downward movement will continue. R120?
The JSE:STXIND is on the verge of printing a new all-time high. The ETF itself can be bought, one can also consider looking at the ETF holdings to check if the holdings are also at or moving towards buy zones. Tree in the forest approach.
Given the sector's weakness, it's no surprise that JSE:CPI chose the downside. The FX:USDZAR , US regional banks, load-shedding, political uncertainty (South Africa is a political stable country but we choose to entertain the politicised media), add whatever excuse you want but the banks are weak.
JSE:DSY is few Rands away, ~R7, to give all the YTD gains. Hectic, but did you see the JSE:SBK chart? JSE:STXFIN is also moving lower, at a quick pace. The sector is under pressure.
JSE:WHL just sliced below the distribution level. Most retailers are weak, technically, and nowhere near buy zones. Whatever they're citing as the cause of this, there's no justification for a long position.