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  • Lester Davids

Active Trading Plan - Wednesday, 03 April 2024

Updated: Apr 3

READING TIME: 2 MINUTES


To trade, or open a new account, contact the Unum Capital Trading Desk:

E-mail: tradingdesk@unum.co.za | Call: 011 384 2923



Wednesday 03 April 2024, 06h30 | DSY Discovery Holdings | Approaching a buy/long re-entry.  The rating at last close is OVERSOLD. Here, we want to monitor for the following potential price action action scenarios: (1) An overshoot to the downside, followed by a candle which reflects buying interest e.g. doji, long lower tail or bullish engulfing candle etc.



 

Wednesday 03 April 2024, 06h30 | AGL Anglo American Plc | Rating: High Bullish Momentum / Approaching Overbought. The share has traded into it’s declining 200-day SMA. Look for for the following: An overshoot and a failure to hold the prior session highs. This would signal that the share is losing upside momentum (over the ultra short term term). For active traders, this would open an opportunity for a tactical short/sell trade.



 

Wednesday 03 April 2024, 06h30 | PRX Prosus | Next best buy is a pullback into the 21-day SMA, which has started to turn up.



 

Wednesday 03 April 2024, 06h30 | TFG Foschini Group | Nearing the prior swing low, which might see the share in an oversold range. Here, we want to monitor for the following potential price action action scenarios: (1) An overshoot to the downside, followed by a candle which reflects buying interest e.g. doji, long lower tail or bullish engulfing candle etc. Failure for positive candle structure to develop would negate the idea however would open up the level close to 9000c/9100c as a ‘next best’ buying range.    




Wednesday 03 April 2024, 06h30 | SAP Sappi Ltd - Unum Capital clients are long from 4119c on 04 December. The next best re-entry levels (both buying (green) and selling (red)) are shown on the chart below.





Wednesday 03 April 2024, 06h30 | MTN Group | On Thursday morning (pre-market) I updated my view on the share with new re-entry buying and selling levels. As noted, the share was in a short term high bullish momentum phase, approaching overbought, with the declining 75-EMA likely to act as a resistance zone. On Thursday, the share traded as high as 9675c before reversing intraday while yesterday (Tuesday) the share traded as low as 9162c. This bearish movement represented an opportunity for active traders to capitalize on the overshoot and failure to hold the highs. Well done to clients who capitalized on the opportunity.


The updated chart, as of yesterday's close, is shown below:



MTN Group Comment as highlighted to clients of Unum Capital, last week Thursday, 28 March (pre-market).





Lester Davids

Analyst: Unum Capital

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