Overnight Moves
During this morning’s call, we looked at 9 charts; below are only some of them. Yesterday’s session was quiet for the most part, with Platinum and Palladium standing out this morning – more on Tencent below in our Naspers section.
S&P500 Index
We are going to sound like a broken record at this point, but last night was more of the same trend. For some time now, we have seen people buying the dips and selling the rips, which is just pushing the chart sideways. We did see our weekly levels come into play with 7,000 being the top resistance level, 6,930 being our low, and then 6,960 being another key level. If our levels are exceeded, the next ones we can then look at would be 7,050 to the upside and 6,860 to the downside. Currently, 7,000 stands as a good entry point to get short.
Naspers (NPN)
Naspers holds approximately 24% of Tencent through its majority stake in Prosus, and as a result, Tencent affects Napsers. The selling on Tencent has been relentless recently, so we are now seeing the stock fall far away from the 200-day average. We could soon see the value dip into R880 and fall further if this trend does not reverse.
Sasol (SOL)
Sasol had a good session previously with the US ADR, SSL, closing up by 6.6%, and looks to be able to go to $7.66 and will then have a lot of room to go reach $8. Locally, R120 is still our big level to break, and if we surpass that, then we can expect to go to R125, with R130 being the next level.
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