Long on Reinet 25/10/2017
Reinet is testing the topside of the triangle that i have indicated on the chart. It is currently trading above the major moving averages therefore a clear break above this level could result in some decent upside.
The full target is R32.85 but given the volatility of the Rand which is a major driver of price action in this instrument, I encourage taking full profits at R32.20. I also recommend taking half of the profits along the move up.
ENTRY: R30.20
STOP LOSS: R29.35
TARGET PRICE 1: R31.20
TARGET PRICE 2: R32.20
Timeframe: Daily
Chart source: Bloomberg
Musa Makoni | Trading Specialist at GT247.com
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