SUMMARY | Position: LONG | Upside target: R337.00 | Reward / risk ratio: – | Recommended stop-loss: R280.00 | RECOMMENDATION: BUY
Santam opened its doors in May 1918 and is one of South Africa’s leading short-term insurers. Its portfolio of insurance products includes personal, commercial, and specialist lines as well as reinsurance.
Technically, a share that appears to be in an incomplete cup and saucer pattern makes for a compelling investment opportunity (see the overlay on the chart).
This pattern is characterised by a downtrend followed by a period of stabilisation and then an upward trend, thus forming the shape of a cup. The saucer (also called the handle) forms after the cup, when the price consolidates or moves slightly downward, …
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