Barloworld [JSE:BAW] trade note - Hits take profit

Written by Martin Harris | 21 Sep 2017

Source: Bloomberg

UPDATE on Barloworld (BAW) 21/09/2017 - Hits Take Profit.

Bang! Take profit reached on Barloworld, paying out a modest 460 points. Traders who may have missed the earlier entry could still try ride out the trade to the R130.00 marker.

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Initial "Technical Take" published 18th September 2017.

Price action for JSE:BAW is looking constructive, the price broke through resistance at R123.50. We are now presented with a possible buying opportunity, with support at the R122 – 123 area.

The price of the stock is driven by the commodity cycle, with caterpillar equipment being a large component of the business.

I see a take profit level between R128 – R130, with the stop loss below the support region.

Here is the Trade Summary...

TRADE SUMMARY

Entry (BUY): R124.00

Stop Loss: R119.80

Take Profit: R128.60

Martin Harris

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