Member Breakouts: 15 July 2021

A look at breakouts in IMpala platinum, Glencore, Redefine, Transaction capital and a US company called Schlumberger

Member Breakouts: 15 July 2021

JSE:IMP (Impala Platinum)

Positive breakout. A higher high and higher low gives support and momentum for a continuation up.

JSE:GLN (Glencore)

Positive breakout of the ascending triangle. Targeting a break above 6700 and up.

JSE:RDF (Redefine)

Negative break from the sideways channel. The lower high and lower low now starts a downward channel - the question is how long the downward move will last.

JSE:TCP (Transaction Capital)

Negative break and a topping pattern. A rare sign of weakness in the strong up trend. A warning sign and not a worry for trend followers but the price could go down to R34 or to the trend line.

US:SLB (Schlumberger Lmited)

Negative break. Rejected by the head and shoulders neck line. When the head and shoulders is projected the target is $24 - $25. I am not one to short so I will just be staying away until SLB looks to go up again.