Technical analysis: Sanlam is consolidating for new rally after recent slide
SANLAM’S share price is consolidating and building up for a new rally, as shown on its chart. Sanlam – Rally potential. Recommendation: Buy on a pullback.
Current Trend: Short-term sideways, but improving.
A sharp sell-off in Sanlam’s share price over May/ June reached a supporting trend line and the price is stabilising right now. Traders can buy it on minor pullback from current levels, eg at the R65.50 level. Once it closes above R67.50 expect the new rally to accelerate to a target of R70-R70.50 for a short-term trade. But protect your trade by exiting (selling) if the price closes below R63.80.
To subscribe to more recommendations by the author, or attend his courses, please go to