After a staller run from the March 2020 lows, TFG peaked at R166,88 in June 2021 and has had a strong bear market correction.
From an EWP perspective, this bear has unfolded as a zigzag labelled wave (A) to wave (C) and the (B) wave unfolded as a sideways triangle pattern.
The entire zigzag has been almost perfectly contained in a descending channel and price has recently bounced off the lower trendline at R96,68.
The short-term view is that R96,68 could potentially be a significant bottom.
The MACD adds to the conviction as there is MACD/price convergence and the MACD has started to turn up aggressively with increasing momentum and has just broken above the zero-line.
trade:
buy: @ market
stop-loss: @ R96,00
From an EWP perspective, this bear has unfolded as a zigzag labelled wave (A) to wave (C) and the (B) wave unfolded as a sideways triangle pattern.
The entire zigzag has been almost perfectly contained in a descending channel and price has recently bounced off the lower trendline at R96,68.
The short-term view is that R96,68 could potentially be a significant bottom.
The MACD adds to the conviction as there is MACD/price convergence and the MACD has started to turn up aggressively with increasing momentum and has just broken above the zero-line.
trade:
buy: @ market
stop-loss: @ R96,00
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.