What are your thought on this share? I got in at R440 with target at R475. It was looking pretty bullish till Friday and this morning it looks like it could turn around as both RSI and stockhastic are overbought. Any thoughts?
I dont know if it will make 475, its a bit ambititous IMO, but I could be wrong (I dont have a crystal ball). All Im saying is focus more on price action rather than indicators, the last 2 candles still seem somewhat bullish.
But more importantly...how did you trade BTI, with normal equities? As SBK doesnt offer BTI cfds.
Thanks BC01. I'm still in this trade for the week so will see how it reacts. So far it looks like it could pull back to R465 at least. According to my fibonacci retracement calculations the share price has reached above the 61.8 level so it should, in theory, get close to resistance. Will have to wait and see.
Seems to be trading in a parallel sideways channel, nice zig-zag formation. Approaching upper end of channel so every possibility to reach 475. If it breaks upward from this channel, then 530 is a possibility. Watch the R action. Could be the driver.
Looks like its back on track. Currently trading it as warrant and got a good entry. Just waiting for the right time to exit. Resistance currently sitting between R464 and R473. Wouldn't be surprised if it hits the R470 level today. Lets wait and see.
So I got out at R472.50 after entry at R440 although the trend is still bullish, both RSI and stochastic are overbought will wait to see if there is a pullback and then enter again. Big numbers out of the US could impact the share price later today.
Snap...........My exit at R47250 was realised this am too...........Not being expertly chart fluent, can I assume that BTI looks like its 75% on the way to forming a Head and shoulders..........My own thoughts are that its going higher in days to come..........esp if the rand weakens...Can someone check my calcs and advise me if Im correct....year to year from 31 jan 2012 to now .Bti has risen 27,5% but with Rand weakness of 11% , that makes its rise 16.5%......Thanx muchly......