Coverage: Satrix RESI ETF, CoreShares SA Property ETF, Sasol, Dis-Chem Pharmacies, Naspers, BHP Group, USDZAR
Satrix RESI (STXRES, 6341c)
- Short term support at risk, with 6300c at key level.
- Accumulation/Distribution remains in downward trend (in place since March 2021)
- Price capped below it’s 200-day.
- Positive above 6690c.
The CoreShares SA Property ETF has appeared on one of our screeners and which coincides with our Feb 2021 monthly chart buy call on the SA Listed Property Index.
- On Monday we saw a strong candle structure as the price closed at a multi-month high however with minimal advance over a 6-month period.
- The Accumulation-Distribution remains in a gradual upward trend.
- The time indicators for the near-term time frames suggest strong buying activity.
- Considering the strong close and new high, a resumption of the upward trend looks to continue.
Sasol (SOL, 27372c)
- 50-day EMA held, with strong follow-through on Monday
- Cleared prior 10-day trading range.
- If it back-tests the breakout, 26600c-26700c is the provisional buying range
- Provisional short range 27750-28042c, which is the prior breakdown level
Dis-Chem Pharmacies (DCP, 3441c)
- Bearish reversal candle
- Extending vs 8-day EMA
- Possible re-test of breakout level
Naspers Ltd (NPN, 252000c)
- The multi-month overhead resistance held with the price breaking it’s 8 and 21-EMA.
- Monday, support and the prior gap at 250000c was tested and held however risk losing buyer’s support.
- The back-test of the pivot/breakdown area could serve as a resistance zone which will also coincide with the declining 8/21-day EMA crossover.
- Major support 243500c-246000c.
BHP Group (BHP, 39014c)
- Support of 38682 held during yesterday’s session, with price close at high of day and printing a pin-bar candle formation.
- Last Thursday we saw the price breaking the 8 and 21-day EMA with a bearish engulfing candle, and, which may act as a back-test zone for the share.
- Distribution zone of between 39374c-39556c. This is between the 8 and 21-Day EMA.
- The pair trading in the mid-point of it’s 50 and 61.8% Fibonacci retracement zone, which is also just above it’s 50-day EMA.
- Recent history for the accumulation and distribution indicator suggests that a print near the lower boundary of the range is a precursor to a bullish reversal (see 04-Aug, 10-Sep, 20-Oct).