TradeWise Report The share price of Illovo closed higher yesterday to form a Bullish Engulfing candlestick pattern. The share price moved above its 200-day moving average but is still trading below its 50-day moving average. The long term trend remains bullish with both the Stochastic and RSI indicators trading in oversold territory to suggest a rally from these levels. The share price is also testing the 61.8% Fibonacci retracement level. We place our entry level at yesterday’s closing price of 3230c, while we anticipate some resistance from the 50-day moving average at the 3415c level. This is where we place our target price, while we place a tight stop as a close below the 3163c level. More conservative traders may want to wait for a close above the resistance trend line with a higher target price as the second resistance trend line at the 3550c level. news.psgonline.co.za/2013/06/markets-expected-to-trade-mixed-as-uncertainty-persists/
Posted on: Fri, 21 Jun 2013 07:55:23 +0000