Sasol Technical Take:
Sasol Limited (SOL) has yet again closed above the 40000c level and yes, I am definitely going to take the opportunity to get into this trade. The oil price is still on the rise and the rand has been losing strength against the dollar at a rapid pace.
We can also see a distorted inverse head and shoulders pattern emerging and although the pattern is not perfect the upward momentum is coming through in the price movement complimenting the long trade.
[JSE:SOL] Trade Summary:
- ENTRY Long (Buy): 40200c
- STOP: 38601c
- TARGET PRICE 1: 40972c
- TARGET PRICE 2: 41944c
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Read more notes by Barry HERE.
All charts sourced from Bloomberg
Barry Dumas | Trading Specialist at GT247.com
Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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