Price has rallied well this week of the swing low of R115 and found support around the yearly S1 pivot. It has now closed above the down sloping 20ema.
Bulls will need to defend R122.50 on any pullbacks to have an attempt at R137.50. A break above here could open the gate to a decent leg up towards the 200dma.
Pivot points are a technical analysis indicator used to determine the overall trend of the market over different time frames. They are calculated based on the high, low, and closing prices of previous trading sessions. Pivot points are used by traders in equity and commodity exchanges to predict potential support and resistance levels for the current trading day
Bulls will need to defend R122.50 on any pullbacks to have an attempt at R137.50. A break above here could open the gate to a decent leg up towards the 200dma.
Pivot points are a technical analysis indicator used to determine the overall trend of the market over different time frames. They are calculated based on the high, low, and closing prices of previous trading sessions. Pivot points are used by traders in equity and commodity exchanges to predict potential support and resistance levels for the current trading day
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