TECHNICAL ANALYSIS: Vodacom breaks out to the upside with more to come | Fin24
 
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TECHNICAL ANALYSIS: Vodacom breaks out to the upside with more to come

Jun 11 2019 16:46
Colin Abrams

After moving sideways for the past four months, Vodacom has now broken out to the upside and still has more upside to come as shown on its price chart.

Vodacom – Upside breakout

Recommendation:  BUY
Current Trend: Short-term up. Med-term turning up.
Strategy: Buy at current levels.

Chart Setup:  Vodacom has broken out above line 1 to confirm a large inverse head and shoulders pattern (labelled S-S-H-S-S). In the process, it has broken long-term resistance (line 2) which adds to the bullishness.

Daily chart

Strategy Details: Traders buy at current levels.

Target: Minimum target is R134.60, based on the height of the base projected up. Take partial profits there. Take the remaining profits at R136.40, its January highs.

Stop-loss: A closing price below R121.00 (which is just below line 1). From R131 raise the stop to your entry price (breakeven).

  • Colin Abrams is an independent technical analyst. To subscribe to more recommendations by the author, or attend trading courses, please go to www.themarket.co.za

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

vodacom  |  markets  |  equities
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