at 3 315c/share. Because the three-week relative strengthindex (3W RSI) is forming a symmetrical triangle, current volatility within a range could persist. A move above 3 940c/ share should see Brait retest its major resistance level at 4 625c. Breaching that level would end the long-term consolidation and commence the ascending phase of a bottoming-up pattern towards a medium-term target at 7 200c/share at first.
Go short: Refrain from going long if support at 3 315c gives in. Downside to 2 490c would be on the cards, with next support being at 1 660c/share. ■ edito[email protected]week.co.za
has been rated as one of the top five technical analysts in South Africa. She has been a technical analyst for 10 years, working for BJM, Noah Financial Innovation and for Standard Bank as part of the research team in the Treasury division of CIB.