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Daily chart of alsi
1. every indicator pointing upwards
2. captured vital 200 day moving average
3. red ma cut above brown ma since 8/01/2019 and remains above
4. stoch overbought but trend remains intact upwards..can remain overbought for days/weeks with this strong trend
5. RSI still not in overbought
6. dmi/adx uptrend confirmed and no sign yet of selloff
seems previous high under threat..
This is a mere tech call. However fundamentals say we should be way below.
Alsi merely riding the momentum on world markets irrespective of the fundamentals of our economy and smart money is buying... Senseless fighting the trend unless world markets make a u turn..
Also helping this huge upturn is weak rand , brexit woes and of cos the huge discount that npn trades to tc as smart money starts pumping into npn...
If u see my last weeks summary , mentioned the one hour chart was very bullish.And true to its prediction alsi put on over 1000p.
This weeks 1 hr chart also bullish with price having tested the brown ma and bouncing off...Also all indicators pointing upwards but highly overbought which can still continue this week too...
Edited by Polly, Yesterday, 11:10 AM.