JSE:CML Coronation for some upside

Is #CML #Coronation a buy at these levels?

Well on a weekly graph, over the past couple of years this share has traded in a descending channel. We are currently just below the mid-point of this channel.

Image 1
TD indicator on the weekly chart shows extreme oversold levels and we have reached a perfected 9.


Image 2
The stochastic indicator shows extreme oversold conditions.


Image 3
On an hourly graph the share is consolidating round R32.20, whilst the stochastic has pulled back a bit. This may set up the short term graph for a pop to the top, which will in turn initiate the turnaround on the weekly chart.


We might see Coronation running from here to close the ex-div gap at around R36.60.

Fundamentals:
Coronation is currently trading at a 7.5 PE and 13.5 DY dividend yield, which gives some protection if the share is to retest the 2020 lows as part of a capitulation turnaround.