Well according to news24, the "O" in EOH is feeling more used out then usual - this is because people put more stress on the "O" when they pronounce EOH.. as they seen some really good results came out recently. So, the public have caught on to this catastrophe making the short term weak longs sell and run. Don't worry though the long and medium term holders know that the "O" only get this way when we have bad storms like the one we just had in JHB on Saturday eve. It will blow over and when the sun comes out the "O" will be back to his usual state and the short term longs will come back to play. Nothing to worry about there. It normally takes 3 days to come into calming effect. I am not making this up.
I see... Most of us went "Eeee!" when the price started dropping. After your eloquent explanation we all relaxed and went "Oh..." (as if we understood it)... but when we total our losses tonight we'll probably use the phrase "Eish!"... So that would be Eeee Oh Eish! Of course - the drop could just be due to the guy that dropped 24000 shares on the market to finance his car/house/divorce...
Yeah, first target I see is around 5650 which is a Fibonacci target. (That is based on breaking through an important level of 54 like you mention - RSi looks good & MA around 57 - also retests previous swing highs) Breaking through that a retest of 62 then bull trend resistance is 64 and old trend resistance is at around 72. Looking at the charts and current support that held, this then puts 50 in as a double bottom. Meaning 50 is a very very very important level now on the charts. That breaks then RUN! :)
68-40 is also showing as a 138.2% retracement level which would also be resistance - but 50 looks like the main level to watch as that is a massive base that we have formed now that we can't break below.
The party is back on!!!! Its going to be a fun month, month and a half. watch this space :) It is all happening sooner then I thought. We have broken out again on all the charts. Its broken above my 5740 target.. 58 area should cause some resistance for now. I am looking to get out in a short while and buy back in the 5550 to 5600 region...... hmm targets today guys? 58? 5850?
I am out just sold as we broke under 57 in 5690s Dayum I should have stuck to my plan at 57.40. Anyhow profit is a profit. I will check re-entry pricing, we looking at around 5550 when I looked earlier.
If the 56 area doesn't hold in the morning then we can re-test lows of 55. 55 is a good area to stock up again for next ride to 62 next week. (Based on breaking through 60 which may give us a little resistance) I am then expecting a retest of 58/59 before we go to new highs.