The weekly chart still remains highly bullish with the 21EMA, 89EMA and stochastic all pointing towards further strength. The stochastic is not overbought yet supporting the potential for further upside and there does seem to be a bullish divergence playing out at the moment.
On the daily chart we can see that the stochastic has moved sharply oversold but with the painting of a bullish daily candle a reversal from around the 50% retracement level is potentially on the cards.
Finally, on the support and resistance chart, we see how price has thrown back to the R12.50 support level where it is bouncing upward again
Putting all of this together, we can look to a potential long from the current level of around R12.60 with a view to moving back to R12.95 with a stop as a close below R12.45. Its a very tight trade as noted above so we'd grade it at 50% of risk size.
While the price levels and movements might suggest this was one which shot of the blocks intraday, the volumes were so thin that there wasn't really a trade in this and on the back of these thin volumes the margin requirements on a leveraged position were too high to make this an effective trade. Accordingly this setup is aborted from my perspective
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