Stocks in play 11 July 2021

African Rainbow Minerals

We have a head and shoulders breakout on the stock. With the stock looking it is finally winning the battle between the 50 and the 200 day EMAs. The neckline had been a significant support. I will start building my position at the open on Monday with a stop loss just below the 200 day EMA at R247.50. I will add to the position above R275, R290 and R303 raising my stop behind me

Monday I will buy 3.6 shares and stop loss R247.50

Aspen

The stock held the 50 day EMA. It the close above the R167.82 resistance level. I’m waiting for a close above R170.84 the last high close, and pull my stop to R159.30

BHP

The stock broke out from the symmetrical triangle pattern. After holding the 50 day EMA. I will add 0.5 shares to my position , having pulled my stop loss to R416.68

Coronation

Holding the 200 day EMA as support. Looks like there’s still quite a bit of selling happening at R49, causing some overhead resistance. If we get a close above R49 I will start building my position.

Firstrand

Banks are starting to recover more, especially the laggers. Firstrand is back in play. With a close above R57 resistance I will add to my position and pull my stop around R55. Unless of course the markets take out this level between now and then. At which case I will just stop to the low of that swing low.

Foschini

We have a nice symmetrical triangle pattern breakout on TFG. However, there’s a high close just a couple of rands higher from the breakout candle. If I get a new high close above R163.41 I will add to my position and lift my stop again slightly higher to R152.

Growthpoint

The property sector has been showing some strength across the board, and Growthpoint has been no exception. The stock closed a couple of cents below the level I was waiting for (R15.74). With a doji reversal candle. There’s a good chance the stock will retrace to the R15 prior resistance and most likely hold it as support. Before breaking back above R15.74. I will wait for a close above R15.74 and I will add to my position with pull my stop slightly higher to R14.66 just below the 50 day EMA.

Life health care

The stock held the 50 day EMA quite strongly after that recent sell off of a couple weeks ago. If the stock can break back above the R23.44 I will add to my position and trail my stop loss to R21.77 just below the 50 day EMA. and again with a close above R25.77. This story could easily be invalidated by some fundamental factors around the impact of COVID-19 restrictions on the sector. Unless of course the market has already priced that in. We shall wait and see.

Mr. Price

The stock looks good after holding the 50 day EMA. Perhaps the approval of the Yuppiechef deal by the competition commission will be the catalyst that propels the stock higher. I’m waiting for a close above R216.71. I will jump back in on the trade with a stop loss just below the recent swing low and the 50 day EMA at R202.35 .

MTN

The stock looking a stock ready to move. I will add to my position with a close above R106.17 with a stop loss pulled to around R100. and add again with a close above R108

Nedbank

Finally broke the R171 resistance level. I pull my stop to R160.34 I will add another 1% risk on the trade. And again when we get a close above R177.54, then trail my stop loss to R165.44

Pepkor

The stop has been moving quite nicely. The Friday close was literally 1 cent below my trigger close which is a close above R20.92. If we get a close above R20.91 I will pull my stop loss to R19.50 and add a 2% risk to my position.

Remgro

The stock is currently battling with the 50 day EMA and the R116.35 resistance. For the most part staying on the right side of the 50 day EMA. If we can get a close above R116.35 I will start building my position with a stop loss just below the recent swing low, below the doji candle around R111.20

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Standard bank

We had a nice gap and drive pattern on Friday. I was waiting for a close above R128.80. I will start building my position on the stock on Monday with 1% risk and a stop loss just below the 200 day EMA at R122.50. There’s a good chance the stock will come to test the R128 level again. I will add to the position with a close above R139.20

Truworths

The stock finally broke out the consolidation range. I will be adding to my position on Monday, I’ve updated my stop loss to R54 just below the 50 day EMA.

Woolworths

Woolies held the 50 day EMA quite strongly. Looking like its ready to start moving again. WIth a close above R55.75 I will add to my position and trail my stop loss to R52

Account Summary on 11 July 2021

Capital invested: R10 303.77

Current Balance: R6 666.82 -35.3%

Current Equity (Balance including paper P&L): R15 133 +46.9%

Current P&L : +R8 466.18

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