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).