Coverage: ABG. LHC, NTC, AGL, IMP, APN
Absa Group (ABG, 13968c)
- The downward trending moving averages should continue to serves as resistance zones on intraday rallies (~14286-14341c). Possible that the market takes the share down to 13404-13528 which is the prior breakout level and prior resistance seen during Q1.
Life Healthcare (LHC, 2356c)
- Continuation Sell.
- Use a print back into the declining moving average as a distribution zone.
- MACD sees bearish crossover.
- Provisional range: 2385-2405c.
Anglo American Plc (AGL, 56016c)
- The 56589-56748c level has been as a distribution zone over the last few sessions. That being the prior support, now turned resistance.
- USD at 16-month high should be negative for commodities however a weaker ZAR could support dual-listed shares.
- Opportunistic short term buy zones around swing slows between 54128-54297c (provisional).
Netcare Ltd (NTC, 1610c)
- Swing low level of interest: ~1574-1589c however look for potential early session bullish piercing candle structure i.e. red-to-green. On the short/sell side, I’m looking for rejection in the 1648-1659 range.
Impala Platinum (IMP, 19769c)
- False breakout recently identified above 22500c. Rebounded off 18300c in Wednesday’s session but could face continued resistance in the 20340-20558c zone. Buys/longs off the 18549-18757c zone.
Aspen Pharmacare (21593c)
- Share off sharply since last sell call at 27341 on 29 September.
- Now trading in 50-61.8% retracement zone.
- Level of interest 20400c to 21200c for a swing buy to re-test near the pivot or back up to the 23000c zone.