As I scan the market for trading opportunities, two shares which may be on the verge of a short term bullish reversal, have caught my eye.
For just over six weeks, TBS has traded in a downward channel however the RSI technical indicator has started to flash by breaking through it’s declining overhead resistance. I regard this an as “early signal” for potential price strength. Currently around 20850, the price is extended quite a way below it’s 200-day moving average and could revert to the mean, offering a few points on the upside.
Buy TBS at 20850 or better
Use a stop-loss of 20450c to protect capital
Take profit if we see the share trade near 21700c
The group’s share have been battered recently declining from 2200c to a low of 1728c. Now I don’t know if it’s the legal proceedings between the board and CEO that has caused the drop or if it’s just the weakness in equity markets. Technically, the price appears to be finding a bottom having regained the 1753c zone. At current levels, it may be worth a short term buy.
Buy OMU at 1797c or better
Use a stop-loss of 1660c to protect capital
Take profit if we see the share trade near 1980c
Please chat to the Unum Capital Trading Desk to take advantage of any trading opportunities.
All the best,
Unum Trading Desk Analyst
Tel: 011 384 2920