Source: Bloomberg
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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