Hi Guys
So having a look at VODACOM, we may derive the following from the weekly chart:
1. The recently formed base has shown a reversal pattern (the equidistant channel).
2. The weekly down trend (pink line) has been broken - we are approaching the major downtrend (grey line).
3. A test of the orange circle or resistance is possible and a break beyond that will signal a potential bullish run.
4. If you have not bought at the bottom, then you should exercise patience before entering into a trade. Wait for a good entry.
Let's see what happens.
Disclaimer: The aforementioned information does not constitute financial advice. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
So having a look at VODACOM, we may derive the following from the weekly chart:
1. The recently formed base has shown a reversal pattern (the equidistant channel).
2. The weekly down trend (pink line) has been broken - we are approaching the major downtrend (grey line).
3. A test of the orange circle or resistance is possible and a break beyond that will signal a potential bullish run.
4. If you have not bought at the bottom, then you should exercise patience before entering into a trade. Wait for a good entry.
Let's see what happens.
Disclaimer: The aforementioned information does not constitute financial advice. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
