Technical Trade: Coronation Fund Managers (CML)

Technical Trade: Coronation Fund Managers (CML)

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.

Trade Levels: 

Sell/Short CML at current levels 83.90/84.00
Stop-loss: R86.10
Take Profit: R79.30

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