Tech­ni­cal analysis: San­lam is con­sol­i­dat­ing for new rally af­ter re­cent slide

The Star Early Edition - - COMPANIES - Colin Abrams

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.

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