CHARTS POST 3

JSE INP WEEKLY CHART 

The INP weekly chart is currently painting quite a bearish picture. Looking at the chart the first thing that is immediately apparent is the large weekly head and shoulders formation that has been forming since May 2014, and that its neck line has been broken. Both the 61.8% and 100% extension levels have been reached already with the share trading between the two levels. Looking at the Stochastics they are showing the weekly chart to be approaching the oversold level as they are entering the sell zone, which is not a good sign. On the RSI no higher highs are being made confirming the downward movement. Would not go near a long on this one unless the resistance level on the graph can be broken.

JSE ANG WEEKLY CHART 

The JSE gold shares have really seen some pain in the last while. At the moment all the JSE gold shares are showing a similar very bullish picture and ANG is no exception. The targets can be seen in the graph. The indicators are depicting and very bullish picture with the weekly indicators showing buy zone groupings and bullish crossovers. To add to this the candles have broken above the 200MA level and the support has held. 

JSE TOP40 WEEKLY CHART 

The Top 40 over the past few weeks has been in the process of forming an inverse head and shoulders formation. Fridays strong close has now set up a bullish picture moving forward with a strong close above the neckline level of R44 737 which is also the 61.8% extension level. The break of this neck line sets up two bullish target levels which are R45 568 (100% extension level), and R46 966 which is the 161.8% extension and full inverse head and shoulders level. Although the daily indicators are showing the index to be tending to be slightly overbought looking at the longer term weekly chart it is still showing the index to be oversold. A close above the 200MA will increase the bullish sentiment to the index. 

APN WEEKLY CHART 

APN has seen some significant retracement from its high of R449 currently trading at R283.58 the share is looking bullish. The price action has tested the support level and looks to have held. Looking at the indicators it is apparent that the weekly picture is showing that the share is highly oversold with the stochastic indicators grouped in the buy zone, and the RSI showing a bullish cross with its moving average. The two targets shown are the 61.8% extension level - R320.78 and the 100% extension level and 200MA - R354.12. Sentiment will remain bullish with price action above the support level.

HAR WEEKLY CHART

Gold has seen a significant sell off in the last few weeks which is easy seen when looking at the graph. However, the picture is looking more bullish now. Looking at the weekly chart we can see that the price action broke slightly below the 200MA but has now once again closed above the 200MA. Looking at the weekly indicators they are very much grouped in the buy zone (Both stochastic and RSI). 1st target is R40.17. The bullish sentiment will remain as long as the weekly candles do not see a close below R25.10. 

MTN Daily: Update 

Current Chart and comment:

Trade has worked out great for the short to medium term investors taking profit here might not be a bad thing. The chart below is the daily chart. The share price is now approaching the all important strong resistance level of the 200MA. To add to this the test of the 200MA could also form a double top. I will not push my luck here and take profits. Will only go long again with a confirmed close above the 200MA level. looking at the indicators the stochastics are approaching the sell zone but are not yet grouped. 

First Chart and comment:

JSE MTN Weekly Chart

The weekly share price broke through the bear flag formation and has now reached its target level using the flag width method. Looking at the weekly indicators the share price is also looking very oversold with the weekly stochastics strongly grouped in the buy zone. Looking at the RSI it is evident that there is a buy divergence on the RSI bottoms. Above the level of R105 and the share is looking bullish.

GND Weekly: Update 

Current Chart and comment:

Trade has done great time to lock in a bit of profit with the first target being reached. Looking at the weekly chart the share is approaching overbought territory but still remains positive. In cases like this I dont like to be greedy good profit was made. I will however still leave a bit on the table for the second target level.

First Chart and comment:

JSE GND Weekly chart

Potentially a very strong looking chart. The weekly share price is now testing the strong resistance level that has been in place since March 2015. Looking at the indicators it seems like the writing has been on the wall with this share, with a very strong buy divergence on the RSI tops and bottoms. Looking at the stochastics it paints a similar picture with the stochastics showing bullish intersections. A weekly close above the resistance level of R12.88 will target the levels shown in the graph. The share is also trading at roughly 56% off its all time high.

NPN Weekly: Update 

Unfortunately the stop on this trade was triggered, looking back at is it might have been a bit preempted as the indicators had not yet grouped . However, now the chart is looking very very bullish. With strong weekly groupings in the buy zone on both indicators. Going long once again with the targets seen in the graph. On a weekly chart basis this is the most oversold the share has been since 2011.

First Chart and comment:

JSE NPN Weekly chart

NPN is another share that has seen a significant pull back to its ultra long term trend line. The daily and weekly charts are very oversold with a weekly bullish intersection on the fast stochastic. Will look to go long and remain bullish above a weekly close of R1987. The last 2 candle sticks also depict a classic reversal formation . Targets are as seen in the graph.