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As part of the premium service you will receive daily insights on the shares you trade from your Premium Client Manager.
On the 13th October we put out a short on Telkom based on the double top pattern that was forming on the daily chart with that noticeable “M” formation. We have seen a significant downward move and the share price has hit the support line.
A break of this support (5035c) should occur with an increase in volume and/or an accelerated descent. This broken support becomes potential resistance and there is sometimes a test of this newfound resistance level with a reaction rally. Important to wait for a clear break below this support before entering otherwise this could be setting up for the possibility of a trend reversal. To project a price target one measures the distance from support break to the peak which can be subtracted from the support break for a price target.
Telkom plans to shut unprofitable stores in the country to accelerate a cost-saving plan, its management announced last week. Telkom has about 1 500 stores, of which 50% are losing money. The group sent retrenchment notices to 105 employees and 676 employees have been placed in alternative positions while 302 employees took voluntary packages. Labour union Solidarity has declared a dispute with Telkom over retrenchment notices sent to employees (representing 16 of the 105 workers who have received retrenchment notices) and threatening to approach the Labour Courts. - Travis Robson, Head of Premium Client Management
Telkom Ltd, 20/10/2014
Telkom Ltd, 13/10/2014
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