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Online Share Trading

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Hammer Candle on BIL...

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currently forming. If we can close at or above today's opening price of 145.60 then we have a serious bear market rally on our hands for the week. If we can close above 145.60 we will see all resources rally, especially plats (IMP etc.). Look for BIL to get to at least a re-test of 180.00 this week. Lets watch today's close closely...
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21 REPLIES 21
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... closing at 145.90, expect a real rally in the next few days. This sets up a minimum target of 180.00
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WR
Regular Contributor
it depends on senitment. at the moment market is run by emotion/panic. There is no logic. If it was a predictable trend, then your analysis would be correct. Remember bulk of BIL income is derived from the chinese and US markets....make the sums
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asylum
Super Contributor
well you may be right there bear market rally overdue.
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Any ideas on how we can trade this? Market opening tomorrow is likely to be about 3%-4% higher tomorrow, if BHP moves higher in Aus. That means that there will be some downside risk on the JSE, especially if rand strengthens.
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D.R.? sentiment, logic, fear... none of these are predictable in any kind of market. Technical analysis to me is exactly these things, it is a study of the collective psychology of a market reflected in the price. a near perfect hammer candle is a wonderful tool to show a reversal of sentiment (fear,greed,panic or whatever you wanna call it) and therefore a reversal of trend (in the very short term at least). The price would not form the TA pattern or signal in question if the collective psychology of the market has not changed. Therefore this is still a logical market to trade in when you become a qualified market psychologist. Take it, don't take it but BIL at least will rally...
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Skaaptjop, I use Pivot Points to determine an entry point on individual shares. With this in mind I then look for any gap on the opening price to close before I trade a short term rally like this will probably turn out to be.
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Yes Wena, but knowing you... you're as sly as a fox and probably went long already just before the close.
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Thanks Wena But can you do this with a futures contract? The bid/ask spread means you have to make a 2% move on the underlying share price just to break even.
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it's not nearly that much, a 0.5% move in the direction of your trade should cover costs (on position size of R10000 or so).
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MCE
Occasional Contributor
Friday and Monday had exactly the same highs and lows... Any significance?
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Yes, it signals indecision. Means the market is not quite sure if it just wants to continue dropping...
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Opened very Positive
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Running_bull
Frequent Contributor
well will we hold up and rally for few days, or is this just another trap!
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Wizard
Super Contributor
It looks like another trap
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Shard
Super Contributor
I just took a nice profit on IMP, thanks for the heads up on the Hammer Candle Wena.
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Project_Directo
Super Contributor
wonder why this was a BUY recommendation at the top and still a buy now, PD.
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So the Bus conductor threw out a few passengers at the close today, but with the price of petrol these days he has to ease the load... the bus will be speeding away tomorrow!
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...so without any brakes, where's the bend in the road?
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