maybe, but not the most obvious one I have seen. I wouldn't bank on much more than a 5% pullback to around the 31500 level. That would be the bottom end of a bull flag and would put AGL on a PE of below 10. That would be a very good buying opportunity. In a commodity boom environment, with copper booming, exxaro & kumba shooting the lights out, and iron ore not looking to go anywhere south yet, it is just platinum that is dragging it back right now - but plat is clawing its way up there. Probably too late to short it right now
I think head and shoulders to play out with target R255.Sasol head and shoulders price touched neckline today.This correction bigger and longer than we expect.30 to 40 trading days.Another 11% on the top 40.
chart pattern similar to TOPI. Complex correction - double zigzag( now in wave a of Y). I will be looking to go long if there is support at around 308 level at 61.8% retracement which will complete the corrective pattern. I f 308 does not hold then will short to around the 250 level...
Supa, SOL trading in a "channel", sideways or rangebound since Feb between 350 and 390 with a "false" breakout about a month ago. Todays low was almost at the 350 support level which is also at 38.2% retracement level. If trades below 350, next significant support at 324(61.8%). Are you long or short?
something I have been pondering .. people use far too many chartin patterns and as such end up using none .. ideally pick one or two that you like, make sense and work and wait for them to bite you on the nose ..
Ja, I posted on this a while ago - and it makes mathematical sense as well. The issue pertains to drawdowns. If you are trading a pattern that generates 10% return for every 5% risked and it does this on average every second trade - great return. Now if you are trading 2 such patterns - you will have a 10% drawdown. 4 patterns - 20% drawdown and so on. In this simplistic scenario - you trade 25 patterns, and you could just as easily wipe out as you could double your money. (Especially if you consider that different chart patterns advocating long positions are not mutually exclusive - if 1 fails - the probability is the other will too - at the same point in time).