It was all doom and gloom and the name sayers were calling for 30s and they said the party is overs and everyone is selling for their life and cashing out..run run run..sell sell sell...Eskom, nuclear... whatever haha :-D So, the main name of the game here is we need to pull back and we have to test the 62/63 highs. I suggest we pull back on this amazing bull trend run we experiencing now. We just broke up and out on the hourly chart but RSI high 80s which is very overbought !? So This could mean..1 or 2 down days next week and my 58..59...60 level for the late entrants to build up for mid to high 60s ! #xmasbonus #wekickedsteinhoffsasswiththismove
Yes, agree. Just for fun, I did my analysis for this week: I don't see anything stopping us until we get to the previous bull runs resistance, which is going to be at like 70. It looks like we going to get back into that up trend this week...I expect us to rocket up to 6800 once we break 6400- which will happen quick and fast. I see 6220 being tomorrow mornings resistance target then a pull back to 6050 to 6080 then we hit 63 on next leg up, then we come back to 61, then we break 63 and 64 which will be big resistance levels to shoot to 6800, another small pull back before we test 70, then I expect a retest of 63 highs in the next few weeks :-) #That is what I am hoping for this week in terms of moves upwards! Lets do this!!!
Yup Fek!!!! We back above 60. I was honestly a bit worried their at 59 when we went under that support as that means my bullish targets for the next week were over. That 1 hour candle closed above the line as well..perfect!!!!
I don't see support that you guys referring to? Imo everything has changed this morning we were on a 50/50 could go either way over night and we opened below support and are now developing a downtrend. We couldn't break through 62 after a couple attempts and trended lower each time we had sellers taking us down. I wanted to try get out at 61 resistance when we got to 60 earlier and it didn't hold, I managed to get out high 59s. A profit is a profit and the uptrends damaged and gone for now. I got a nice 50% profit here so job well done. Next leg down is 58. This can get real ugly again... Time for some Harmony me thinks...
V bottom pattern played out perfectly. Down trend developing and the target is 54 - there is a trendline from May & Sep 50 lows to the 54 level (10% drop). Massive support at as well 54 shown previously. Makes a nice inverse head and shoulders chart. Otherwise watch for a break out above 62 on high volume.. But I doubt we will do that in this market as we been trending lower and haven't been able to break out even with the trading statement today that didn't manage to impress too many people.