Real-Time: 14h54
The most recent pullback off overbought levels triggered a reading which looked for a rebound buy off the 21-day EMA. From the end of day alert on 27 June, the share has rallied from between R247 and R248 to today's high of R281. At current levels the short term (1 to 10 days) reading is as follows: "In or commencing an upward trend, however, strongly consider the potential failure to hold it's prior session range highs which will created a tactical short/sell opportunity".
Also noted is the negative divergence where the RSI is printing a lower higher.
Live reading as of 14h49
Also note, the share is extended vs the 21-week EMA at R248
Note: NED has been a long opportunity, discussed on multiple occasions, from the R210-R212 level (now R281). I have also discussed short side opportunities.
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Lester Davids
Analyst: Unum Capital
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