Weekly game plan 11- 16 January 2021

Capitec (JSE:CPI)

We have nice cup and handle formation on Capitec. Seems like the selling pressure might be over. I’m already long CPI at R1480 with a stop below the handle at R1233..20 on the first break. The share since came back hasn’t taken out the previous low of the handle. Making a higher low, If we close on the other side of R1480 over the next few days or weeks, A second bite of the entry looks good with the stop the recent low around R1328. MInimum target for now remains R2048 using the height of the round bottom.

Multichoice MCG

We have a nice horizontal bullish flag on multichoice The share close on the other side of the resistance (R139.30) of the flag closing on Friday at at R139.87 A great opportunity to add into the bull flag trade I entered in December. For a new entry with a stop around R128. There’s a;sp an ascending triangle pattern. Looks like the long side has some wind at the back.

Clicks

A nice looking Ascending triangle pattern on Clicks. The share has been making higher lows through the latter parts of 2020. Waiting for a close through R273.64. Using the height of the triangle from its broadest point. My target for Clicks is R358

Shoprite SHP

A combination of a bullish flag, Cup and handle, and a bullish divergence on Shoprite. The share looks very good on the long side with some wind at our back. Looking to enter at the break of the bull flag, and then add to the trade on the break thought R151 confirming the cup and handle pattern. And accordingly adjusting the stop-loss. But for now my stop is around R123, below the low of the handle/flag.

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Capitec (JSE:CPI)

We have nice cup and handle formation on Capitec. Seems like the selling pressure might be over. I’m already long CPI at R1480 with a stop below the handle at R1233..20 on the first break. The share since came back hasn’t taken out the previous low of the handle. Making a higher low, If we close on the other side of R1480 over the next few days or weeks, A second bite of the entry looks good with the stop the recent low around R1328. MInimum target for now remains R2048 using the height of the round bottom.

 

Multichoice MCG

We have a nice horizontal bullish flag on multichoice The share close on the other side of the resistance (R139.30) of the flag closing on Friday at at R139.87 A great opportunity to add into the bull flag trade I entered in December. For a new entry with a stop around R128. There’s a;sp an ascending triangle pattern. Looks like the long side has some wind at the back.

Clicks

A nice looking Ascending triangle pattern on Clicks. The share has been making higher lows through the latter parts of 2020. Waiting for a close through R273.64. Using the height of the triangle from its broadest point. My target for Clicks is R358

Shoprite SHP

A combination of a bullish flag, Cup and handle, and a bullish divergence on Shoprite. The share looks very good on the long side with some wind at our back. Looking to enter at the break of the bull flag, and then add to the trade on the break thought R151 confirming the cup and handle pattern. And accordingly adjusting the stop-loss. But for now my stop is around R123, below the low of the handle/flag.

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