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