Dear Trader
As a proxy for global equity markets, life assurance company Sanlam (SLM) has managed to hold onto share price gains despite the lackluster local economic outlook as well as the subdued global macroeconomic backdrop. Despite China also having released 'fair' economic data, global equities across the board on Thursday trade slightly lower while the US Dollar remains strong. At current levels, the shares from a short term technical perspective appears to be peaking and any substantial shift to 'risk-off' may see recent gains being eroded.
Based on this, I am looking at a short/sell from above 7920 (currently 7926c), using stop-loss of 8205c and take profit target of 7550c.
As a proxy for global equity markets, life assurance company Sanlam (SLM) has managed to hold onto share price gains despite the lackluster local economic outlook as well as the subdued global macroeconomic backdrop. Despite China also having released 'fair' economic data, global equities across the board on Thursday trade slightly lower while the US Dollar remains strong. At current levels, the shares from a short term technical perspective appears to be peaking and any substantial shift to 'risk-off' may see recent gains being eroded.
Based on this, I am looking at a short/sell from above 7920 (currently 7926c), using stop-loss of 8205c and take profit target of 7550c.