18/08/2017
Telkom finally broke the much-anticipated resistance level of 6691c on Wednesday 16 August and closed above this level, the trade was triggered the following morning and we are in it to win it. I will keep a close eye on it as I originally expected some down side movement before the breakout.
14/08/2017
Telkom Technical - Long (Buy)
I am currently looking to buy (long) Telkom SA SOC Limited (TKG) at 6759c but a close above the resistance line of 6691c will give confirmation.
I spotted this triangle forming and it gives confirmation that a possible trade setup is in play. Caution should be taken as the price action might come down if it does not break through the resistance line of 6691c. also take not of the arrows shown in the graph as this might be possible price action before breaking resistance 6691c.
TRADE: Telkom SA SOC Limited (TKG)
- ENTRY: 6759c
- STOP: 6340c
- TARGET PRICE 1: 7015c
- TARGET PRICE 2: 7248c
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Chart Source - Bloomberg
Read more notes by Barry HERE.
Barry Dumas | Trading Specialist at GT247.com
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