On The (W)edge - Wednesday, 07 August 2024

Two Shares At Risk Of Breaching Incline Support From A Medium Term Overbought Range

Both names at risk of breaking their 'wedge formations.

Capitec Bank (CPI) - (1) Continuous resistance at the upper boundary of it's long term channel (2) extended vs 21-week EMA.

Firstrand (FSR) - (1) Re-testing the breakdown of the rising wedge formation (2) failing at the multi-year swing high (3) extended vs 21-week EMA

Lester Davids

Analyst: Unum Capital