Loading...

Capitec

April 16, 2024
8
76
0

Update

Price Action

Kindly note that this an update analysis to the attached video.

 

The stock has completed the Head and shoulder pattern that I spoke about on the video and has found a Pivot level at R1605/share as shown in the attached chart above. The Pivot level correlates with the overall uptrend on the stock. The stock has tested the trend support and convincingly rejected at the level with a three soldier candle pattern. This is a strong sign of bulls taking charge of the market.

Patience is virtue but too much it can be self-destructive. Hoping for much lower-lows on the stock may equate to waiting for a train that has already passed. The stock is presenting a nice entry point at current levels and a healthy upside potential.

 

Price Target

 

The stock has created a market gap (shown in green) between R2037 to R2091/share. I am expecting this gap to get filled and this will be my price target range in the short-medium term. A stop-loss for Swing traders would be around R1500/share.

 

 

Disclaimer: None of the information shared above constitute financial advise. The information shared is just a true reflection of the author's opinion and experience. Seek financial advice from a registered financial advisor.

 

 


Related Tags:
1 min read
Share this article:

Related Articles

All articles
Top