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Alsh could test 25985 !

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asylum
Super Contributor
We have now broken through the 28000 support line and could be testing the 25985 support next. Any views.
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5 REPLIES 5
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Hi Asylum, looks like you are a bit of an expert with the charts. Do you have some suggested reading material for me? (ie books, sites etc) Thanks for the help earlier with MTN, bought today at close (long @ 11400) from my limited understanding the support line seems to be at 11300, but I was a bit worried that all would come back Monday with a new veiw on life and start buying again. Well I am hoping so as the next support line seems to be at around 9000. But have set a stop loss for 11000 if it does? Cheers have a good weekend
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asylum
Super Contributor
Hi Mit no im no expert far from it if i was i would have been on the right side of the trend as for mtn well broke past previous support which was around 120 and yes you are correct support at 113 and then at 105 but those support bases are very small so who knows where it will bottom out as long as the bears are making money theyll short it in my humble oppinion.
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divz
Super Contributor
Ja asylum Shapiro has been calling for the market to drop to 26000 where he believes it would turn and trading would return to normal. I agree this is the next support level and could very well be tested next week hell if we could just have some kind of bounce to give us a little window to exit and not take such a big klap. A bit of hope would be if the fed can come out with an aggressive interest rate cut which they have intimated ... maybe a desperate call but we can only hope.
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asylum
Super Contributor
Divz when you start hoping for things to happen on the market then you know its time to cut your losses.I will take my klap come monday and protect my capital, and live to trade another day.
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I believe the JSE is trading in a downward channel between 2 parallel lines that started in October and which will be at 29100(upper) and 26800(lower) come Monday. It has touched and bounced back up off the bottom line Nov 22 and Dec 19. We can only hope third time's a charm.
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