How the mighty have fallen.
Since reaching an all time high back in January 2015, CML has been in a strong bear market.
The decline from R115,20 to R24,36 can be labelled as an (ABC) zig zag.
Like many global stocks, CML found a bottom in March 2020 after the covid-19 sell-off and this was followed by what looks like a five wave rally to R55.
If the bear market is over, R24,36 should hold as a bottom but a break below this level will prompt a re-assessment of the wave count.
Trade recommendation:
Buy-stop @ R40,00
Stop-loss @ R24,30
Since reaching an all time high back in January 2015, CML has been in a strong bear market.
The decline from R115,20 to R24,36 can be labelled as an (ABC) zig zag.
Like many global stocks, CML found a bottom in March 2020 after the covid-19 sell-off and this was followed by what looks like a five wave rally to R55.
If the bear market is over, R24,36 should hold as a bottom but a break below this level will prompt a re-assessment of the wave count.
Trade recommendation:
Buy-stop @ R40,00
Stop-loss @ R24,30
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.