Trade Spotlight: Vodacom (VOD)


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Categories : Trading Updates

Vodacom slipped 0.71% lower on Wednesday after the share price closed below the lower support trend line of a narrow up channel. The share price has recently rallied to trade near the upper resistance trend line of a longer term and wider up channel. We expect the share price to pull back to retest the lower support trend line of this up channel. The bearish price action is confirmed by both the Stochastic and RSI indicators trading in overbought territory to suggest a correction soon. The long term trend, however, remains bullish as the share price is still trading far above both its 50 and 200 day moving averages

Source: PSG Wealth (www.psg.co.za)

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