IMO (never H) it's the breakout that follows the first 6 months of the year pattern, where both SOL and Oil increase at least 10% from Jan to Jun, before generally decreasing from Jul to Dec - or increasing at a slower rate. Plot SOL vs Brent year-on-year and the pattern may emerge before thine eyes...
Hey CPS, good to see you alive and kicking. IMO SOL needs to break above 320 to break out of a rising triangle dating back to 21 Nov 08(bottom)and Jan 6th 2009 (top). The All share needs to retrace in the next few days as it has hit upper resistance at the 28 600 mark with very OB Stochastic and a triple neg divergance on the RSI. If the recovery continues I am sure sasol will break out of its ascending triangle however in the next few days we may see a downward movement. I think the JSE and Sasol need to cool off for a few days before the next upward move, If you have made money on Sasol, I would bank it round about now and wait for the next entry set up.IMO. May the charts be with you.
Ninja, good to see you back with us as well. OK so my TA does not go that far back (2008??? way to long for me ;-) ) but I agree with your shorter TA and I said in the other post on SOL I do not see the accent continuing for a few days still. I took profit so am happy and look what it did ;-) I am paitient and will return under the curve again. Charts are showing possible selloff to maybe 305 or 298 again. Lets wait and see. OMO
I agree the 61.8% retracment looks to be around the 295 mark with longer term support at 290. Interesting watching the Dow.....currently OB with the RSI giving it's 4th neg divergance since the 3rd August 09. I don't think the rally is over, a correction would be helpful and give this rally fresh legs.
hmmm, Aug 09, that I can handle in my windows of opportunity ;-) I have not looked at those charts yet but your TA is usually spot on so I will look into it and see what useful conclussion or couter argument I can come up with.... just cause I can