CONVICTION: HIGH (if resistance is broken)
South 32 Limited (S32) a diversified miner recently released some solid results and is looking to push higher. The price action has been consolidating between the R 38.96 and R 31.64 price level for some time now. The price action has been testing the R 38.96 price level on numerous occasions and is finally looking to push higher.
In this note you will find my technical charts and trade summary:
Chart Source: Bloomberg
Taking a closer look at the chart we can see a possible breakout from the R 38.96 resistance level and poses a good opportunity to enter if we get a daily close above the R 39.26. Take note if we do not see a close above the resistance line, the price action might move lower before we see a breakout.
Trade: South 32 Limited (S32)
- Entry (Buy): R 39.26c
- Stop loss: R 36.73c
- Target price: R 42.00c
Chart Source: Bloomberg
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