JSE:SOL Sasol Riding the Bounce

Apr 30, 2020

We have been watching the bounce from the climax low in Sasol. After the breakout of the trading range formed following the climax (SC) low, we have had a break and back up (BU) to the trading range. This formed a spring on the BU and now we have broken the high and backed up (BU) to this range. There are some buying volume spikes on the springs and I am expecting the markup to start on the lower timeframe. On the daily, we are in the automatic rally phase after the climax low and this likely the start of a trading range but there is enough room that this bounce could give significant profits. The large (and volatile) range that is expected can give some opportunities to trade the tests of the highs and lows.