What You Need To Know:
In the short term, the share has entered an 'Overbought' regime, which makes the reward-to-risk on the buy/long side, less appealing vs previous lower levels.
It's trading at overhead resistance. While we have to 'trade what we see', the following is a possible scenario: the share becomes stronger and attempts to clear the overhead resistance, however, fails to hold these levels, while the candle structure reflects a slowdown of bullish momentum.
An overshoot to the upside, followed by failure to follow through could offer an opportunity to sell/short, with the 8-day EMA as a target.
As of yesterday's close, the price action reading was as follows:
Note: ANG is seeing strong upside follow-through from the reading via the Tactical Trading Guide on 10 June (end of day) which look for a small rebound following the sell-off. The price has since rebound from R418 to a high of R482. The time-stamped reading is shown below.
As per the previous note, I was looking for print into the 21-week (yellow line) as support. This was just below R420, which unfolded followed by a rebound.
Lester Davids
Analyst: Unum Capital
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