SigmaOptionWriters
DailyGraph
Continued on from the head-and-shoulders we saw completed at the beginning of August…The price for DEC15WMAZ contract dipped below the neck line of R3100 and went on testing the R3000 support level as shown in the daily graph below. The price jumped back higher and pivoted around the R3100 level after which a further surge higher saw the price turn just shy of resistance at R3200. Since the beginning of September we’ve seen the price move lower and sideways on the back of early rains received in the eastern producing regions. Yesterday session started out lower on the back of a stronger Rand/$ exchange and in effect lower parity prices. A surprisingly strong move was seen in the latter part of the session as the price surged higher closing at support/resistance of R3150. Would the market see a continuation lower to retest the neckline support at R3100 or could the absence of rains over the next week and a possible weaker Rand spur more bulls to take the price higher?
DailyGraph
Continued on from the head-and-shoulders we saw completed at the beginning of August…The price for DEC15WMAZ contract dipped below the neck line of R3100 and went on testing the R3000 support level as shown in the daily graph below. The price jumped back higher and pivoted around the R3100 level after which a further surge higher saw the price turn just shy of resistance at R3200. Since the beginning of September we’ve seen the price move lower and sideways on the back of early rains received in the eastern producing regions. Yesterday session started out lower on the back of a stronger Rand/$ exchange and in effect lower parity prices. A surprisingly strong move was seen in the latter part of the session as the price surged higher closing at support/resistance of R3150. Would the market see a continuation lower to retest the neckline support at R3100 or could the absence of rains over the next week and a possible weaker Rand spur more bulls to take the price higher?