JSE:SLM   SANLAM LIMITED
Sanlam Ltd (SLM) | The share has advanced strongly, moving into an overbought range, with the 7-day RSI at Friday's close, the 14-day RSI at 71 and the 7 week RSI at 73 at last week's close. While the strength is evident, today's candle formation may have been an early sign of a loss of upside momentum, with the development of a 'dark cloud cover' as well as a close at the lows of the day. The aforementioned points to the potential for a sell/short setup however event risk in the form of earnings due on Thursday 07 September makes the setup slightly complicated as the share could continue it's rally when earnings are reported. Traders who are looking to embrace the opportunity to sell/short could potentially apply smaller-than-average position sizes to reduce the risk of the trade. Note: The short & medium term automated end of day readings are highlighted on the chart below.

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