dawievdwest

dawievdwest

A rising bearish wedge, in my view one of the most reliable technical patterns, always implies significant change to the downside for the price on a chart, the impact of course also being determined by the time frame on which the pattern appears. On this Weekly chart we see the wedge in orange, which I started warning about many months ago already, and inside...

dawievdwest

My idea of a bearish rising wedge on the #Nifty50 Weekly chart was published here on 27 Aug '23 already, and with a vicious textbook overthrow on top of that wedge which seems to be completing now, it might be time for the action to start that usually starts after the completion of a wedge. This bigger pattern also sports a bearish divergence with certain...

dawievdwest

On the Daily chart of the Nifty50, we see this broadening top formation, a.k.a. a trumpet, which is usually one of the most reliable technical patterns. The problem is that it is a bearish pattern, for it is only found as a top formation. We also see the formation of five waves inside the pattern, as it should be. On top of that, the RSI is extremely overbought,...

dawievdwest

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.

dawievdwest

In this follow up of the original chart here on 24Aug23, we see that #Sasol has now made no less than four attempts to conquer the neckline of the Head & Shoulders pattern, yet still unsuccessful. What might be a bearish flag pattern is also now getting fairly long in the tooth and perhaps a resolution one way or the other cannot be far off any more.

dawievdwest

On 26 September 2023 I detailed the Head & Shoulders pattern here on Tradingview, just as the price was about to slide through the neckline convincingly. Since then the price has gradually worked its way lower over the last four weeks or so. Now it seems as if a completely different beast has entered the arena! And again the price is just about on the neckline....

dawievdwest

A Monthly chart here with an enormous Head & Shoulders pattern, with the neckline even slightly sloping to the right. If the price stays here until month end, the neckline will definitely be broken to the downside and perhaps share holders should start giving some serious attention to this, if not concerned yet. Their luck will be that at least the price cannot...

dawievdwest

I have also detailed some dangers for the Nifty50 on a Weekly chart on 27 August 2023 already. Here on the Daily chart, as also on the Weekly, we see a Bearish Divergence between price and technical indicators. After today's close, it looks as if the price is starting to fall out of what currently looks like a Bearish Flag. Shorter term than the Weekly, but it...

dawievdwest

I have pointed out a smaller Head & Shoulders in a report on 24 May 2023 already, when the price was at about R460-00. Was that formation just the tip of the ice berg? Though the price has not convincingly broke below the perceived neckline of a bigger Head & Shoulders pattern yet, this could get very ugly for this counter if this pattern gets confirmed indeed,...

dawievdwest

TVC:DJI has now clearly lost the neckline of a Head & Shoulders pattern, and this patter alone can theoretically drive it down another ±1500 points. Then we also see a gap further below at about 31119.

dawievdwest

It seems #Afrimat is catching the headlines of late but not for the right reasons. As the Monthly chart shows, there is a possibility that the price might currently be forming a bearish flag pattern, and it needs to stay above the lower yellow line to escape that fate. If not, the price can go substantially lower according to the flag pattern, but still not close...

dawievdwest

It seems the Daily chart of FX:USDZAR is very close to reaching the neckline to complete the right shoulder of what could then turn out an Inverse Head & Shoulders pattern. This is not the pattern with the highest reliability in my view, but by the looks of it now I will not discard this possibility right away. It also seems that the MACD has now turned up and...

dawievdwest

I have a fairly good idea of what a textbook "island reversal" should look like, but then I often find these islands on charts with a varying number of candles in the islands I am able to draw. Sometimes they are just three of four, but also as many as up to fifteen. The chart where I found the most islands over the last 12 - 15 months, and tweeted it the other...

dawievdwest

In the last couple of months we have seen the completion of a massive Head & Shoulders pattern on Anglo American PLC that has been in the making for almost three years. In my view the scariest thing of all is that this pattern sits on a Weekly chart! The price has clearly broken below the neckline and my view is that #Anglo will now really have to dig deep, if you...

dawievdwest

$JSENPN #Naspers seems to be busy with a double top on the Daily chart with tops on 27 Jan '23 at R3539-54 and the second one on 1 Aug '23 at R3547-94. I suppose this is about as good as one can hope for, seeing that the two tops cover a stretch of 7 months. We see the middle point down at R2976-87 on 1 May '23, with the price currently almost closer to that than...

dawievdwest

Although the #Nifty50, an Indian index, is representing a nation of about 1,4B people, a great part of them probably has little concern for or knowledge about the state of it. Be that as it may, the state of it might still have a great influence on a majority of this nation's people. The bearish rising wedge on the chart indicates trouble brewing here, and this...

dawievdwest

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.

dawievdwest

On the line chart of #ALSI's TOP40 (J200) with 40 and 200 MA's, we see the yellow line that might have developed into a formidable resistance now, or the proverbial brick wall. With three closings right on the line and another two just below, the index is now almost bumping right into it again. Time to break out above now, or will it once again prove too strong?