Weekly chart analysis 5 April 2021

Weekly chart analysis 4 April 2021



Financials


Our financials have been a the bottom of the “K” shape recovery. However the index (J212)  is looking rather bullish breaking into higher boxes. Last week we had a nice doji candle as the 50w and 60w EMAs held as support. That was followed by a higher close.



The banks should be interesting. I’m looking for a the leaders of the pack



Firstrand (FSR)


Firstrand seems to be amongst  the leaders of the pack. The stock broke into a higher box, but turned back to the lower box.. The 30w EMA  is only 8 points from crossing the 60w EMA. I’m looking for a close above the last high close of 5564c on the daily chart. Last time we closed above this level was back in March 2020. I will put my stop at 4900c.


 

There’s a fairly strong long term support/resistance. At 5700c. If we get a close above 5700c. We have a bull market on Firstrand.



Capitec (CPI)


Account balance: R8112.36

Entry: R1480

Stop loss: R1234.59

Risk per share: -R245.50

Quantity: 1

Risk ZAR: -R245.50

Risk: -3.06%

P&L: -R92.38 (-1.15%)


We have a nice looking head and shoulders on the stock. Looking for a break above R1449.36 I will move my stop loss to around R1353. In which case I will add to my position. 



Absa (ABG)


Absa also looks bullish. Breaking to higher boxes, plus the 30w EMA has now crossed the 60w EMA. I’m looking for a close above 13400c



______________________________________________________________________


Distell (DGH)


Account balance: R8112.36

Entry: R106.12

Stop loss: R106.29

Risk per share: +R0.17

Quantity: 12.9

Risk ZAR: +R2.19

Risk: +0.03%

P&L: +R153.25 (+1.89%)


We have a nice bullish engulfing candle on the weekly chart. I’m looking for a close above 12000c. I will raise my stop loss to 11121c. 



Coronation (CML)


Account balance: R8112.36

Entry: R50.97

Stop loss: R48.85

Risk per share: -R2.12

Quantity: 74.6

Risk ZAR: -R158.15

Risk: -1.95%

P&L: +R287.96 (+3.55%)


Coronation has been moving nice since breaking out of its 129w range. This resistance is around 5600c. I’m looking for a close above 5600c then I will add to my position, and move my stop loss to around 5100c.


Nice breakout with a fair bit of volume on the monthly chart. A strong close above the 50m EMA.


Apen (APN)


Account balance: R8112.36

Entry: R144.72

Stop loss: R134.13

Risk per share: -R10.59

Quantity: 14.5

Risk ZAR: -R153.56

Risk: -1.89%

P&L: +R107.45 (+1.32%)



Aspen looks good. Recently broke into a higher box. I’m looking for a close above 15440c. I will trail my stop to around 14390c. We have a strong break on long term resistance on the monthly chart. 


___________________________________________________

Account Summary on 05 April 2021

Capital invested: R9 000

Current Balance: R8112.36 -9.86%

Current Equity (Balance including paper P&L): R11 058.85 22.88%

Current P&L : R2 946.49

Leave a Comment

Your email address will not be published.