Trade idea on Barclays Africa Group Ltd. (BGA)
I have been keeping an eye on Barclays Africa Grp Limited (BGA) after a head and shoulder technical pattern formed over the last couple of months. I missed the initial selloff from the 17095c (Neckline) level and hoped it would come back for a re-test and it did.
Note: I will be looking to place my short trade from current levels to a first target price level of 15802c if the 50-day simple moving average (SMA) stays above the price. We can also see the price is moving lower within a descending channel.
Educational: Charting Patterns 102
Trade: Barclays Africa Grp Limited (BGA)
- Entry (Sell): 16596c or current levels.
- Stop loss: 17095c
- Target price 1: 15802c
Source: Bloomberg
* Barry Dumas, is a Technical Analyst and Researcher at GT247.com, an online broker and authorised financial services provider.
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