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Online Share Trading

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LONG TRADE ON IMPALA

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Rams
Super Contributor
High probability long. Probable wave c low with close above 61.8% retracement of prior bull trend.Both daily and weekly stoch oversold. Ideal setup for long trade : Entry would be bullish reversal on daily chart.Exit strategy will depend on Wave C low.
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7 REPLIES 7
Wino
Super Contributor
I am not sure it is such a good idea to be applying Elliot wave theory on single stocks. Indices, commodities etc. yes, but single stocks are susceptible to too many internal variables i.e Robert Mugabe, for his birthday, wants part of Zimplats. I believe that he spent nearly 5 mins ranting & raving how little Zimplats has given to his party. Hallo??
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kwagga
Super Contributor
I'd wait for the RSI and Stochastics to look a little better before I buy. Sometimes getting the juicy bit in the middle is better than trying to make maximum profit and increasing your risk in the process. Also look out for what seems to be a large head and shoulders formation with the left shoulder stating in Nov 2010. This could see the price drop to R180 very quickly.
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Rams
Super Contributor
And all the variables are on the chart and be assured, it can be used on all markets and all time frames.But I agree, just short all the ZIM shares...
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Rams
Super Contributor
I agree, stoch looking better today though. I see the head and shoulders and that is the same as waves 3(last one third), 4, and 5 on bull tend and ABC correction forming the 6 parts to the head and shoulders. If analyssis is wrong - exit.
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Rams
Super Contributor
High of 2010 but still no buy signal...
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sponono
Super Contributor
RAMS: what do the waves have to say now that Implats has fallen below R200. I'm always suspecious of stocks with a weak relative performance index.
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kwagga
Super Contributor
Neckline on very clear head and shoulders broken @198. Downside 180. I wouldn't touch this share except for a short.
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