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Johannesburg - The futures close-out on the JSE is a thing of the past and the stock market is now moving into overbought territory.
The all-share index could either consolidate around current levels or see profit-taking.
In the past three weeks the index has risen almost 8%. This increases the likelihood of a correction to 28 000, 27 800 and even 27 300.
Metorex [JSE:MTX]: Metorex shares have been trading since May this year in a consolidation band between R3.45 and R3.70.
On the daily graph it is evident that support line A now offers good support at R3.72.
Investors believing in the future of copper can buy the share at the current level.
But take note that the local market is moving into overbought territory, which could also subject the Metorex share to profit-taking.
A R3.40 stock loss to limit the risks is now recommend.
JD Group [JSE:JDG]0: a symmetrical triangle is evident on the daily graph.
The technical formation could move in any direction.
Investors wanting exposure to shares that benefit from the low interest rates could buy the share as soon as JD Group’s share price consolidates above R45.
Investors already owning the share should exercise caution when the R42 support level gives way.
- Sake24.com
For business news in Afrikaans, go to www.sake24.com.
Johannesburg - The futures close-out on the JSE is a thing of the past and the stock market is now moving into overbought territory.
The all-share index could either consolidate around current levels or see profit-taking.
In the past three weeks the index has risen almost 8%. This increases the likelihood of a correction to 28 000, 27 800 and even 27 300.
Metorex [JSE:MTX]: Metorex shares have been trading since May this year in a consolidation band between R3.45 and R3.70.
On the daily graph it is evident that support line A now offers good support at R3.72.
Investors believing in the future of copper can buy the share at the current level.
But take note that the local market is moving into overbought territory, which could also subject the Metorex share to profit-taking.
A R3.40 stock loss to limit the risks is now recommend.
JD Group [JSE:JDG]0: a symmetrical triangle is evident on the daily graph.
The technical formation could move in any direction.
Investors wanting exposure to shares that benefit from the low interest rates could buy the share as soon as JD Group’s share price consolidates above R45.
Investors already owning the share should exercise caution when the R42 support level gives way.
- Sake24.com
For business news in Afrikaans, go to www.sake24.com.
