Old Mutual: Rising Wedge Break Beckons

Old Mutual ($JSEOMU) price went below the black line, representing a cycle failure on daily time frame, it has also confirmed a weekly swing high so we have high conviction that the trend has turned bearish. The intersection of the green line and the divisor of the parallel channels presents strong support. If price reaches this level we will be looking for a confirmation of a daily cycle low as an entry point. Ideally price must go lower than R9.21 to reset the yearly cycle (see linked idea for a monthly view where we would we reset).

NB: The parallel channels are a Pitchfork extended backwards, so the dotted line can be construed as the median line.

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