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The index has again consolidated above 32 500 and the 33 000 level is once again beckoning. Should the index consolidate above 33 335 for an entire week, the threat of a double top – a negative technical indicator long lurking in the wings – will be eliminated and 33 500 would be the next resistance level.
Shoprite Holdings [JSE:SHP]
The share-price graph’s 100-day moving average shows a support level of R97.
Over the past year the 100-day moving average has frequently attracted new buyers.
Medium-term investors should become concerned if the R97 support level collapses, because R90 would be the next support level.
Speculators can buy the share at around R97, using R94 as a stop-loss to protect capital.
MTN Group [JSE:MTN]
On MTN’s daily share-price graph a possible double top is looming close to R140/R141.
Medium-term investors should become concerned if the R141 resistance level cannot break through upwards. If the share price consolidates above R141, it could rise to R150.
Long-term investors should become concerned only if the share price falls below R130.
- Sake24.com
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