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Coronation Fund Managers Ltd
20 July 2015
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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