Update: Telkom Drops 7% From Price Action Model Reading

Lester Davids
6 days ago
1 min read

Research Notes For 28 July to 01 August > https://www.unum.capital/post/r2801august

Trade Local & Global Financial Markets with Unum Capital.

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Previous Post (Wednesday 29 July): Trading Telkom: Running +150%; Now Overbought on 3x Time Frames

Daily: Overbought

Weekly: Overbought

Month: Overbought

The share is OVERBOUGHT on 3x time frames, meaning that while demand is high and momentum is bullish, the reward-to-risk is less favourable than in previous months.

The share currently trades at the swing high of November 2021 which is a potential resistance range however, the strong candle structure also opens up 6800c to 6900c as further upside targets.

The overbought conditions lean toward shorts/sells however the strategy requires careful timing as upside momentum may persist.

Look for weakening momentum on the lower timeframes i.e. 1H, 2H, 4H and daily etc.

Over the 11 months, the share has appreciated by 150%, printing multi-year highs. If you've been long off the strategy alert, consider reducing into strength.

Current Price Action Model Reading: