SteynTrade

SteynTrade

Following Naspers we have seen a bounce yesterday but this should not be seen as a recovery. It could cause some sideways action but there is still some down site to come.

SteynTrade

We have been following the markdown of Naspers - see posts below. Yesterday there was a sharp recovery but one should not get caught up and think it is time to go long. Naspers remains week and the current bounce is just a retest of the yearly pivot levels. Naspers remains weaker than the market and there are no indications of a recovery. The bounce may indicate a...

SteynTrade

MR Price has been in a strong markup after the base from the covid lows. The stock is stronger than the market. The pullback has been on lower volume and we are now ready for a test of historic highs at R300.

SteynTrade

The pause is over. Following Distell on its way up - see posts below - we have had a pause with a week pullback but now we are ready for the next step up.

SteynTrade

We had been seeing buying in Tongaat but that is over now. Now we see signs of weakness (SoW) that could take us back to the lows. The distribution was very weak and an acceleration of the markdown is now expected.

SteynTrade

A year back - see post below - we looked for push back to R55 - R60. After reaching this area of significant resistance on the weekly timeframe we have now seen a distribution trading range with a typical Wyckoff pattern. Selling pressure is seen in the volume and a change in character significant bar is indicating the start of a markdown to test the covid lows.

SteynTrade

After following the markup in 2020 - see posts below - we have seen a distribution trading range in our previous post. Now this markdown is set to gain momentum with high volume selling taking place. Today's reversal bar confirms the basis.

SteynTrade

After the initial markup - see posts below - we have seen a very shallow pullback. The pullback showed a lot of effort (high volume) without response indicating that all available supply is being bought. Yesterday there was a significant range bar and the markup is now set to continue.

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As expected Prosus keeps following Naspers down - see posts below. However, Prosus is weaker than Naspers and has already broken the yearly pivot point and the recent redistribution remained below this. Again the high volume selling is seen indicating some urgency to dump the stock. Today we see the breakout of the recent redistribution trading range and this week...

SteynTrade

Following the markdown of Naspers - see posts below. After a smaller redistribution range, we are seeing a break out of this smaller range today continuing the push lower. The next important level down is the yearly pivot point at R2800. In the smaller redistribution range, there was a particularly high volume upthrust (ut) indicating the selloff is gaining...

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As indicated in the post linked below I a break of the trendline could start the markdown. We have now seen this break and a backup to the breakout level. The break occurred on some volume and the attempt to recover could not break the 50Day SMA and could not stay above 60000. This looks very weak and this could be the start of a markdown.

SteynTrade

We have been following Sasol sins the climax lows in 2020 indicating a target of R200 - see the progression of posts below. We have reached the target and now we are seeing active signs of distribution. After a climax in March, there was a strong secondary test but the next upthrust (UT) on volume made no progress (Effort without Response) indicating selling by...

SteynTrade

As indicated previously - see post below - Anglo American is ready for a pullback and is now gaining momentum. Still looking for a test of R400 to determine what is next.

SteynTrade

The Top40 has been on the rise since the covid lows, however, we can now see some cracks and we could be in for a correction back to 53000 for the rest of the year. My reasoning is as follows: - The buying climax (BC) of the latest trading range could not make it back to the overbought line showing a lack of interest. - Divergence on the RSI leading into the BC...

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Nedbank has taken some time but is finally on the move to R200. Financials are making a final push and Nedbank is one of the stronger banking stocks. Look for a final push into support likely to become resistance.

SteynTrade

Last week the JSE Financials were on the move but before jumping on the train a word of caution. If one looks back to 2015 we see a long distribution range that formed with investors getting out of South African financial stocks. The recent rise on the back of the covid drop is likely to only be a backup to this distribution range and not longer-term interest in...

SteynTrade

We were looking at a markup in Anglo American - see post below - but with declining interest in the stock, divergence on the volume RSI and break of the 50 Day SMA I think this stock is ready for a pullback probably to R400.

SteynTrade

Tsogo Sun showed a major sign of strength (MSoS) in June 2020. We are now breaking the highs of that push with a significant bar on some volume. This opens some upside potential with the next major resistance level at around R20. Using the significant bar and yearly pivot point as stop loss (SL) gives a great risk-reward trade.