"The share has continued to trade below the downward trend line in place since the 17-Nov peak of R2796. At the start of last week we saw the price rebounding off the 2-Std Deviation Bollinger Band support. Following Thursday’s gap close and test of the declining 20-day moving average, the price has developed two consecutive days of lower highs but with the long lower wicks suggesting potential buying interest. I’m expecting further consolidation with a slightly bearish bias however a break of the downward trend line could signal a change in medium term trend. DAILY CHART."
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN , I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR , SOL, MTN and AGL . In the offshore space, I focus on, but not limited to, the S&P 500 , Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR , EURUSD , DXY , USDJPY and AUDJPY among others in the FX arena.
FOR TODAY'S COMPLETE ANALYSIS AND KEY LEVELS, GET IN TOUCH TODAY.
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN , I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR , SOL, MTN and AGL . In the offshore space, I focus on, but not limited to, the S&P 500 , Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR , EURUSD , DXY , USDJPY and AUDJPY among others in the FX arena.
FOR TODAY'S COMPLETE ANALYSIS AND KEY LEVELS, GET IN TOUCH TODAY.