Sanlam – Tactical Trading Levels – UnumCapital
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Sanlam – Tactical Trading Levels

Sanlam – Tactical Trading Levels

Sanlam (SLM) | At times, rising wedges can be complicate to read into. Either they break down completely and continue trending lower, or, they temporarily break lower and then move up in a sharp re-test of the breakdown level. To help simplify the approach, I’m looking at SLM on both the long and short side:

Long (Buy): Should we see the price retrace into the 5280-5130 zone (with evidence of buyers support and reversal) traders could use the level as an accumulation range for a move up to or close to the 0.618 Fib.

Short (Sell): Should we see the 0.618% Fib being tested, this should line up with (or very close to) the downward trend line going back to the 19 December 2019 peak (around 6114c up to 6270c).

Lester Davids

Lester joined Unum Capital in July 2016 and is a Trading Desk Analyst focusing on local (JSE) and global multi-asset class technical strategy and research which includes idea generation.

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