I would say a safe short-term short to 96. But if you look at the 5-10yr chart, there are a lot of other patterns at play other than the double top 1-yr pattern. By failing to hold 100, target is the height of entry into the flag pattern, so yes - support target of around 59 or so. Add that to the trough target of the double-top, this share is in trouble if it doesn't pull out a rabbit.
currently sitting on an 11 times PE. If it comes in at the low end of its forecasted earnings (800cps), and it gets rerated to a 9 times PE, then sure, R56 a share is quite possible. Just look at ABSA. And here in a nutshell is my trading style. I like to know that there is a little bit of fundamental logic to a technical forecast.
its very dangerous to trade different chart patterns , or look for different chart patterns to trade...if you trading double tops, then trade double tops all the time...i can find other chart patterns on the SBK chart that tells another story.Is it also not dangerous to mix technicals and fundamentals becos then BIAS comes in...saw this in Traders Corner also...not my style