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 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.
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 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
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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.
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.
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.
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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