Monday, 08 April 2024 | 14h00
Reading Time: 1 Minute
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The short term technical rating shows that the share is fluctuating between ‘strong’ and ‘’high bullish momentum/approaching overbought’ | The share is trading into it’s declining 200-day simple moving average, which is likely to act as a temporary resistance range. It should be note that the share could overshoot the 200-day SMA before retreating. Provisional next best buying range: ~7890c/8170c | Provisional next best selling range: ~9160c/9354c. Below is the next best buying and selling levels and the significant thereof as well as the chart highlighting my view.
Further Comment (Tuesday, 09 April at 06h33). As of yesterday's close, the reading from the Tactical Trading Guide is as follows:
The share is also higher by 42% and 57% respectively. At current levels, the reward-to-risk does not appear to favour new buyers, with the share having a rating of high bullish momentum/approaching overbought while also close at the declining 200-day SMA.
IMP Tactical Trading Guide Reading on 04 March (End of day). The share is higher by 57% since.
Lester Davids
Analyst: Unum Capital