BOTTOM LINE: IPL has corrected in the form of a falling-wedge pattern.
If support is retained above 18,485cps, a positive breakout of the bullish continuation pattern would be confirmed through 21,850cps, and gains to 26,375cps should then follow.
IPL would breach the support trend-line of its uptrend below 18,485cps, and a negative breakout would be confirmed below 17,430cps.
Technical Analyst, Sharenet
Moxima has a B.Comm Finance from the University of South Africa and is a certified Chartered Market Technician Level 2, currently completing Level 3. She has been a technical analyst for 10 years, working for BJM, Noah Financial Innovation and for Standard Bank as part of the Research Team in the Treasury Division of CIB. She now runs her own business, The Money Hub, and consults for Sharenet. Moxima has been rated as one of the top 5 technical analysts in South Africa and outperformed the market during the recent recession. She regularly makes an appearance as a guest on CNBC Africa and writes often for Finweek and Sharenet’s Views.