ALSI was good yesterday - Mixed today!

Well, the Findi absolutely flew yesterday with many signals triggering a rally to test the 17000 level again. Similarly the General retailers, Resources 20 and Snp500.

The ALSI respected this positive move by surrending just over 200 pts in a wonderful break out trade yesterday from 16992 to 17205 level with about another 150 points to spare as well... It topped out at 17350 in the 1st half session around 13h00.

It did present a short of about 100 pts shortly after that using a 5 min chart with a tight stop loss. Another positive divergence gave an entry long at 17235 to close out 100 pts later at the double top type formation. That was the day's trading...

I however only managed to get the 1st half session trade as I went to the JSE exhibit to meet some people.

Today there was a range of very tight numbers between 17100 and and 17150 for most of the morning. We had a break out at just after 10h00 with FTSE opening. this didn't last long however. It went to 17250 so there were 100 pts in it.

My platform's connection failed when I wanted to enter at 17210. Got in after that and then my stop loss kicked in on the pulled back to 17150 again. the hammer following the support at 17150 was good entry point and just about made my stop loss back.

Now we have a new range: 17150 to 17250. Interestingly 17250 is where we closed yesterday on the doji on 5 min candle chart.

Overall the 60 min chart tells me to expect some downside... The sectors are telling me a different story however yet they are based on end of day analysis. Assessing the ALSI eod it still looks good for the upside.

Effectively, on the end of day swing trade you should be long from 16200 and still holding. A possible target of 17535 is in the offering end of day.

Watch SNp500 with quite a positive candle pattern which has now been confirmed called morning star.

Watch Kumba for a possible rally by the end of the week. Copper also should rally leading the move in Kumba. Stop loss at 13790c which from the morning open is a 200c stop loss. The potential target to the upside is 15150c. It would also be good to see Anglo American and Billiton move up as well.

Right now Kumba is not a buy. But a prospective buy. The double top on Kumba suggests down side to 13200c first before it could rally. the range has been drawn with the top side being 17500c and the low end being 13000c. We are still inside the range but not at either extreme.

The 120 min chart suggests a turn by the end of today an a target of 15600c. The 60 min chart is very close to a buy. With a high risk tolerance one could take a punt on it with a stop loss a 13790c which would be around 350c at the price at the time of writing. Preferably, the entry should've been this morning at 14070c odd, if not lower. The support level is 14005c and for a really tight trade one could enter now with the risk you get taken out during the day due to volitility but then find Kumba closes up for the day.

Grindrod is closed as at yesterday when it reached my upper target above 1300c. Great short term trade!

Off to JSE open day again. Trade well! Not often. Come to our investor's club meeting in April!

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