*Extract from client research note 01-June-2020
Following a significant appreciation off the March lows, the share has retreated with the strength of the Rand being one of the major drivers. The price has slipped below both it’s 8 and 21-day exponential moving average with the current retracement being -14% from it’s peak of 166046c. While the immediate and short term trend remains down, the price is approaching it’s 50-day EMA which is in line with the top of the upward trending channel in place since 10 December 2019 as well as the ‘gap’ created on 05 May 2020. Now I don’t know if we’ll see a rebound at that level as we also have a ‘gap’ at 132101c, created on 16 April hence we may see the price target the mid-point of the channel before making a bullish reversal.
Following a significant appreciation off the March lows, the share has retreated with the strength of the Rand being one of the major drivers. The price has slipped below both it’s 8 and 21-day exponential moving average with the current retracement being -14% from it’s peak of 166046c. While the immediate and short term trend remains down, the price is approaching it’s 50-day EMA which is in line with the top of the upward trending channel in place since 10 December 2019 as well as the ‘gap’ created on 05 May 2020. Now I don’t know if we’ll see a rebound at that level as we also have a ‘gap’ at 132101c, created on 16 April hence we may see the price target the mid-point of the channel before making a bullish reversal.
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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.