The share has been consolidation in a sideways range since late February, with a series of high lows and lower highs resulting in a medium term pennant formation. Recently, we saw the share run into earnings after which it has been in a short term low volume consolidation.
For the buy/long to have conviction we will have to see candles with wider ranges pushing into the overhead resistance. This will also signal expansion away from the moving averages, which is a typical feature of a break-away move. (A great example of this locally was Absa Group
ABG over the last week or so.
Provisional Trade Levels:
Current: $18.40
Initial Accumulation (Moderate Size): $18.40-$18.80 then add on a break above $19.30.
Stop-loss: $17.30
Target Range: $21.30-$22.40
For the buy/long to have conviction we will have to see candles with wider ranges pushing into the overhead resistance. This will also signal expansion away from the moving averages, which is a typical feature of a break-away move. (A great example of this locally was Absa Group
ABG over the last week or so. Provisional Trade Levels:
Current: $18.40
Initial Accumulation (Moderate Size): $18.40-$18.80 then add on a break above $19.30.
Stop-loss: $17.30
Target Range: $21.30-$22.40
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.