JOHANNESBURG - Netcare has broken out above its medium-term resistance level (red line) after declining again since May.
This is a positive sign and points to some sort of bottom.
It’s a buy at current levels for the short term at least and perhaps longer.
I’m looking for an initial rally to R27.90 for partial profit-taking and then more at R28.70.
Protect positions with a close below R23.90 to exit. Once the price closes above R27.50, move that exit (stop) level up to a closing price below R25.20.
Colin Abrams is an independent technical analyst.
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