This is not investment advice, just a hobby for me to publish ideas.
Based on the historic performance of Sasol and the strong link its share price has with the price of oil, I am observing that Sasol's share price rally might be running out of fuel (the strengthening of the rand also fizzles out any increase in the oil price, for now). When the oil price was around $80, Sasol traded at approximately R260-R300. With the price of oil at $38-$40, it is starting to become evident that Sasol's short term ceiling will be at R130-R135. Furthermore, Sasol is following a strong harmonic pattern and is reaching the upper limits of its demand cycle. To reestablish demand, the price will need to return to levels of around R100-R110 within the next 2-3 weeks. It will begin its bullish cycle again and hopefully push to levels of around R160.
Based on the historic performance of Sasol and the strong link its share price has with the price of oil, I am observing that Sasol's share price rally might be running out of fuel (the strengthening of the rand also fizzles out any increase in the oil price, for now). When the oil price was around $80, Sasol traded at approximately R260-R300. With the price of oil at $38-$40, it is starting to become evident that Sasol's short term ceiling will be at R130-R135. Furthermore, Sasol is following a strong harmonic pattern and is reaching the upper limits of its demand cycle. To reestablish demand, the price will need to return to levels of around R100-R110 within the next 2-3 weeks. It will begin its bullish cycle again and hopefully push to levels of around R160.
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