Sasol is likely leaving behind a cycle high as it got a strong rejection at the 200DMA, the blue line defines a cycle, we expect price to close below this line moving into a daily cycle low. Price is in a rising wedge channel (bearish). Bulls would want to avoid price going lower than R225.22. It is noteworthy that enroute to a daily cycle low, price must go lower than the 200 week moving average, getting back above that would be hard especially considering that it we are in week 21, a time window for a top of the weekly cycle.
Commento:
Sasol enters week 25, put a reversal shooting star candle with an ex-dividend coming we will be watching whether it goes below R232.17, this would represent a cycle failure.
Commento:
Sasol broke down from the bearish wedge, is backtesting the wedge today as it drops into a cycle low. Since we below R221.36 we know we are pursuing a yearly low price.
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