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Become a premium client and receive trade insights on shares you like to trade.
As part of the premium service you will receive daily insights on the shares you trade from your Premium Client Manager.
Coronation has been under severe pressure since February. In my previous Trade Insight, I was looking for a move from 8000c back up to 8300c and above it with a targeted move up to 8900c. A further drop to a low of 7642c quickly thwarted this. The ensuing price action has created what seems to be an inverse head and shoulders pattern, which is indicative of a reversal pattern after a downward trend.
A break of the neckline to the upside at 8300c on an expansion of volume would put the pattern in play, potentially targeting 8850c as an initial target. A break below 8080c under the right hand shoulder would consider the pattern to have failed and the downside to continue.
Sasol Ltd, 20/07/2015
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