Weekly chart analysis 1 March 2021

As a swing trader the bigger picture is important to me. This is why I like looking at the bigger picture. Looking at the weekly chart. Here are some of the JSE listed stocks stocks I’m currently looking at

Distell

Position

Average Entry: R75.50

Quantity: 4

Stop loss: R99.02

Risk: +R23.52

Current Risk ZAR: +R94.08

Distell is a stock I’ve held for some time. It has been moving to higher boxes over time since. Could not add to the position because I had since implemented a rule to trade in the direction of the weekly trend. The 30w EMA as of writing is only 13 points from crossing the 60w EMA. The stock broke to the R110 – R122 from the R101 – R110 box.

Taking a lot at the daily chart. We have a nice looking bullish flag on the stock as it was testing the R111 Support which held quite well. I’m going to add to my position when the stock breaks out of the bullish flag.

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Firstrand Bank

Position

No position in the market.

The banks are looking like they’re recovering. Firstrand is looking quite good at the moment. Currently trading within the R46 – R53 box. If the stock breaks to the R53 – R60 and the 30 EMA crosses the 60w EMA. I will buy the stock.

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African Rainbow Minerals

Position

Average Entry: R271.10

Quantity: 8

Stop loss: R258.57

Risk: -R12.53

Current Risk ZAR: -R100.24

The stock looks quiet lively currently dancing about in the R251 – R303 box. I; lookking for a break through the R303 resistance moving to the R303 – R363, at which point I will add to my position and my position and trail my stop loss behind me.

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Aspen Pharmacare

Position

Average Entry: R143.09

Quantity: 11.5

Stop loss: R133.04

Risk: -R10.05

Current Risk ZAR: -R115.58

The stock has been looking good for for some time now. Breaking into higher boxes. Looking for a break to the R150 – R192 box. The stock is still trading in the R108 – 150 box.

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Coronation

Position

Average Entry: R49.25

Quantity: 47.30

Stop loss: R47.22

Risk: -R2.03

Current Risk ZAR: -R94.02

I’ve been in the trade for some time now. The stock is looking good piling up the boxes on the way up. Currently looking to break to the R51 – R58 box from the R44 – R51 box. We have a nice looking bullish flag on the stock at the top of the R44 – R51 box. When the stocks break the flag into the higher box I will add to my position.

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Woolworths

Position

No position in the market.

Woolies seems to have turned the tide. The stock has been moving into higher boxes, and the 30w EMA has crossed the 60w EMA. The stock is looking good to break to the R47 – R57 box.

Taking a look at the daily chart

We have a nice ascending triangle pattern. Waiting for break through R47.

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Royal Bafokeng Platinum

Position

Average Entry: R71.84

Quantity: 13.60

Stop loss: R69.42

Risk: -R2.42

Current Risk ZAR: -R32.60

Been holding the stock for a while now. The stock looked good to break into the R93 – R109 box. Having a tough with the R93 resistance. Still looking for a breakout. I will add to my position when we break above R93

Looking at the daily chart we have a nice ascending triangle pattern and the stock looking good to break higher to the R93 – R109 box.

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Account Summary on 1 March 2021

Capital invested R6 500

Current Balance: R4 763.61 -26.71%

Current Equity (Balance including paper P&L): R8 542.37 +31.42%

Current P&L : R3 778.66

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