$JSECML-Coronation Fund Managers: Are The Bears Done Yet?
How the mighty have fallen.
Since reaching an all time high back in January 2015, CML has been in a strong bear market.
The decline from R115,20 to R24,36 can be labelled as an (ABC) zig zag.
Like many global stocks, CML found a bottom in March 2020 after the covid-19 sell-off and this was followed by what looks like a five wave rally to R55.
If the bear market is over, R24,36 should hold as a bottom but a break below this level will prompt a re-assessment of the wave count.
Trade recommendation:
Buy-stop @ R40,00
Stop-loss @ R24,30
Since reaching an all time high back in January 2015, CML has been in a strong bear market.
The decline from R115,20 to R24,36 can be labelled as an (ABC) zig zag.
Like many global stocks, CML found a bottom in March 2020 after the covid-19 sell-off and this was followed by what looks like a five wave rally to R55.
If the bear market is over, R24,36 should hold as a bottom but a break below this level will prompt a re-assessment of the wave count.
Trade recommendation:
Buy-stop @ R40,00
Stop-loss @ R24,30
