I’m keeping my eye on APN for a potential trade in the coming week.
Early last week we saw the price being rejected at the downward trend line which may have been the right shoulder of a head and shoulder top pattern.
We also saw the price break on the downside of a channel that was developed over the last month. While both these developments are bearish, a short/sell may not be as simple. In fact, we have a strong area of support that has held year-to-date.
This is in the range of R342 to 247, a level where we could pick up a buy/long trade. I will be watching to see if we get a trigger and an opportunity to put some extra points on the scoreboard.