In the short term, Coronation Fund Managers has developed a rising wedge pattern, while the price action signals that the recent upside momentum is starting to wane. At the upper boundary, resistance over the last 8 trading sessions has been at the R84.90 level while the RSI’s negative divergence is supporting the ultra short term term bear case.
At current levels, traders could consider a short/sell position to take advantage of the potential downside move.
Sell/Short CML at current levels 83.90/84.00
Take Profit: R79.30