With a break and close above 625cps yesterday, Standard Bank WTI Oil ETN (SBAOIL) moved back into its trading range for March and April, with the 8-day Exponential Moving Average (EMA) getting mighty close to break above its 21-day EMA. A break could be very positive for the short-term share price, with the Momentum clearly also picking up. Should we see a continuation in the run, the next resistance level should be the 50-day EMA at 711cps, with a break and close above these levels most probably looking to test 825cps next. There should be strong resistance at 885cps (my first short-term target), with the 200-day EMA remain my exit level.
SBAOIL lagged the short-term WTI futures price in Rand, with it still trading at its widest levels currently.
On the downside, short-term traders should watch the 625cps level, with a drop below these levels most probably seeking support at the strong trendline at 600cps. Currently 560cps should act as my short-term stop loss as a break and close below these levels, most probably seeking resistance only at April’s lows below 500cps.
SBAOIL lagged the short-term WTI futures price in Rand, with it still trading at its widest levels currently.
On the downside, short-term traders should watch the 625cps level, with a drop below these levels most probably seeking support at the strong trendline at 600cps. Currently 560cps should act as my short-term stop loss as a break and close below these levels, most probably seeking resistance only at April’s lows below 500cps.
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