Trade speacialist Odwa Magwentshu get started with a double trade idea for this Tuesday...
Go Long Aspen
We notice a potential long movement on Aspen, should the share price close above 31490c. the entry level has been tested 5 times since October 2016 and should the share price close above 31490c resistance line, the share price should reach 33890c.
Target price: 33890c
Entry (BUY) : 31490c
Stop loss: 30170c
Go Short Discovery
There is a head and shoulders pattern forming and nearing completion on the Discovery share price. A confirmation for the trade would be when the price closes below 14220c with the first target price at 13600c, at the support level, which is at 13600c. should the price break the support level (which was a previous resistance level in March and May this year and a support level towards the end of July), there is further movement lower until 13290c.
Stop loss: 14545c
Entry (SELL): 14220c
Target price 1: 13600c
Target price 2: 13290c
Remember... trade responsibly, your capital is at risk and trading can lead to capital losses.
Until next time, I wish you profitable trading.
All charts sourced: Bloomberg
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