A Short Term Technical Analysis
Following the revelation of allegations of improprieties made by an international research house, the price has remained range-bound. Trading just below it’s 200-day moving average, R815 to R825 has acted as support while R900 to R925 is where sellers have become active.
At current levels, the price is trading near the downward trend line in place from the peak of 1079 reached on 29-December.
After years of trading in an upward trend, the 200dma has lost it’s upside momentum and is currently trading flat however traders should continue to monitor this indicator for a rollover which could reflect a long term change in trend.