An extract from tomorrow's report.
NETCARE LTD (NTC, 1597c) | WEEKLY CHART SUGGESTS LONG TERM BREAKOUT BUT SHORT TERM ‘APPROACHING OVERBOUGHT’ OPENS POTENTIAL COUNTERTREND SELL TRADE
The 7-day RSI is a staple in my search for short term trading opportunities. Prints above the 80/85 level suggest the share is strong but approaching an overbought range. A possible scenario is that the share prints 1-2 more days on the upside followed by an exhaustion candle(dark cloud cover, long upper wick etc.). For NTC, the 1620-1635c range is prior resistance which may be tested with an overshoot. Upon a further push higher, the reward-to-risk could be appealing for a short/sell back to the 8/21-day EMA range.
NETCARE LTD (NTC, 1597c) | WEEKLY CHART SUGGESTS LONG TERM BREAKOUT BUT SHORT TERM ‘APPROACHING OVERBOUGHT’ OPENS POTENTIAL COUNTERTREND SELL TRADE
The 7-day RSI is a staple in my search for short term trading opportunities. Prints above the 80/85 level suggest the share is strong but approaching an overbought range. A possible scenario is that the share prints 1-2 more days on the upside followed by an exhaustion candle(dark cloud cover, long upper wick etc.). For NTC, the 1620-1635c range is prior resistance which may be tested with an overshoot. Upon a further push higher, the reward-to-risk could be appealing for a short/sell back to the 8/21-day EMA range.
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.