Overnight Moves

Today, we looked at 14 charts; below are only some of them, but first, let’s have a look at what happened over the weekend. This week is expected to be largely like the last, with all eyes on the situation in the Middle East. Oil is still the star of the show, so to speak, with it gaining 4% over the weekend. Bitcoin has seen continued growth, more on that below, while gold and silver have weakened. As things stand, this is a volatile environment, as most markets have been disrupted due to the ongoing conflict.

Bitcoin

Bitcoin has seen continued growth over the last week, and we are now back around the $74,000 level. The strength Bitcoin has found seems to really stand out, especially given the tensions around the world. We seem to have found a bit of a bottom around $65,000 in the short term. If we manage to stay above $72,600, then Bitcoin might have enough momentum to reach $80,000 and maybe more. On the 1-hour version of the chart, we do see what could be a cup and handle, which does support the possibility of reaching around $82,000.

Sasol (SOL)

Given that oil is headline news, we figured it’s time to take a look at how Sasol has been faring. Sasol has gained roughly 32% since the start of the conflict between Iran and the United States of America. This is largely due to the price of oil going up, as major shipping and refineries in the region around the Persian Gulf are halted or even destroyed. We saw a gain of 11.6% on Friday, and though we did see some sellers, we still feel comfortable from the data that we could go back up to R250, which is the level we last had in 2023. The next key level is R220.

Sappi Limited (SAP)

We want to look at Sappi today, mainly because it has been strong over the last couple of days, and we wonder whether this is due to the ZAR’s weakness. If you look at the daily chart and consider the background moves that we have had in the ALSI, Sappi has been finding support around R16. We think if this manages to break anywhere around R17.60 to R18, that we could have legs to go back into R20.

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