First Rand made a lovely pin bar reversal off support on Monday and subsequently followed through today. I like this one as a long here with a stop below R60.00 and a target back to the 50% fib of recent high and low which also coincides with its yearly pivot point (=- R67.00). Also note bullish divergence where RSI is making higher lows even though price made lower lows warning of a rally to come.
Risking R1/R2 to make R6 for a 6 or 3 to 1 risk reward
Note: 200dma at R65.83 could also be used as a target
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I suppose a 'move' below R60.00 was a bit tight but it barely got much below it.. so if you gave it a little more room you should still be ok here. I prefer to see a convincing close below a level before i stop out and the move under R60 was not material enough to warrant a stop loss
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