This chart needs some more downside IMO, before we can buy with confidence as the correction remains far from over and could last for another few weeks.
One should use the volatility to play the ranges with a bias to building a decent long sub $12.00!
My new downside target is sub $12.00 and potentially $11.70, this would be a massive MT buying opportunity to say the least.
The overall formation is bearish, as we now have a lovely consolidation waiting to burst lower.
I would sell any hard rally as we could see a sub $12.00 move in the coming weeks, but note that sub $12.00 I would want to own it all week long and twice on a Sunday.
#NO Change in Commentary
This chart can take you to the cleaners and return your dirty!
I would stay out until further notice.
The price action now feels binary!
We have been long and loving it!
Now that we are supremely in the money all I want to say is, CASH IN and stay out!
The chart is coming off beautifully and with a little luck could still trade as low as R6700.00.
Irrespective of the market moving one should be using weakness daily to price!
This market is now binary and could trade as high as R11 000 – R12 000.
No matter how high it goes now is the time to be grateful for our wonderful long position and call it a day!
#No Change in Commentary
I am super bullish and starting to wonder if the energy / power issues in China will transpire as the trigger for the below number to play out?
I feel the correction is done, (I feel good about this one) and all the pullbacks from here are buying opportunities with upside targets between $0.85 -$0.89!
I almost feel that we don’t have enough cash to get as long as we should, buy at best and scale down, this is budget making stuff with sprinkling of retirement!!!!
I am convinced I have Stockholm syndrome.
In all seriousness the $325 level did not hold and as the saying goes “in for a penny and now in for many pounds” so we are now waiting to see where we will add to our long (and wrong) position.