Johannesburg - An attitude of wait-and-see is recommended for JSE investors.
The market appears to be waiting for something that could take it sharply up or down.
The first sign of a run will be if the all-share index stabilises above 32 300, but should it fall back below 31 500 investors need to exercise caution.
Pretoria Portland Cement [JSE:PPC]
On its daily graph the PPC share price has broken upwards out of the symmetrical triangle that had formed. This is regarded as technically positive.
If the price stabilises above the level of R25.80, this would be a technical “buy” signal and targets of R27.18, R28 and R30 are then possible.
Investors should use R24.60 as a stop-loss to protect capital.
Sasol [JSE:SOL]
A head-and-shoulders formation is starting to take shape on the daily graph of the Sasol share price, which can often be a bad omen.
The neckline is ticking over at R350 and the share price could drop to R305 should the neckline be breached.
Medium- and long-term investors should become concerned if the share price stabilises below R350. Speculators can take advantage of opportunities at this level, adopting a stop-loss of R342.
Should the share price remain above the neckline, a run of up to R380 is possible.
- Sake24
For business news in Afrikaans, go to Sake24.com.
The market appears to be waiting for something that could take it sharply up or down.
The first sign of a run will be if the all-share index stabilises above 32 300, but should it fall back below 31 500 investors need to exercise caution.
Pretoria Portland Cement [JSE:PPC]
On its daily graph the PPC share price has broken upwards out of the symmetrical triangle that had formed. This is regarded as technically positive.
If the price stabilises above the level of R25.80, this would be a technical “buy” signal and targets of R27.18, R28 and R30 are then possible.
Investors should use R24.60 as a stop-loss to protect capital.
Sasol [JSE:SOL]
A head-and-shoulders formation is starting to take shape on the daily graph of the Sasol share price, which can often be a bad omen.
The neckline is ticking over at R350 and the share price could drop to R305 should the neckline be breached.
Medium- and long-term investors should become concerned if the share price stabilises below R350. Speculators can take advantage of opportunities at this level, adopting a stop-loss of R342.
Should the share price remain above the neckline, a run of up to R380 is possible.
- Sake24
For business news in Afrikaans, go to Sake24.com.