After Capitec's (JSE_CPI) trouble at the beginning of the year the stock has been undergoing re-accumulation. It has jumped the creek and is showing Signs of Strength (SOS). The stock has shown prior leadership. Waiting for a back up to 95500 to go long.
Note
CPI Continues to show leadership even during the pullback to the Yearly Pivot. Some high volume churn bars indicating effort without response formed last week. Could be a good level to look for longs. Note
The Yearly Pivot has held and the markup could continue when the pullback is broken. The OBV is also showing a strong upward stride. Will be looking for price to reach the overbought trend line.Note
After the continuation of the pullback to the Re-accumulation Trading Range a volume spike occurred at the end of last week. We see negative divergence with the OBV indicating effort without response and we could likely be seeing the start of the markup in Phase E.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.