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We banked 71% on EOH and 6.24% on our USD/ZAR and it's time to get back in

by , 23 July 2019
We banked 71% on EOH and 6.24% on our USD/ZAR and it's time to get back in
EOH's share price has pulled back and our stop loss at R24 helped us protect 71% of our gains. The share price has pulled back to R20.00 and the company has indicated the forensic inquiry has identified R1.2 billion in suspicious payments.

This is not a massive number and signals that the turn around in EOH will materialize over the coming months as Stephen van Coller delivers on his strategy. However, there have been a few resignations at senior level.

Look at the chart below to see how the price bounces off the R19.00 level.
 
 
Buy at R20 or below, initial target is R24.50 and longer term target is R50.00.
 
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Rand Rallies further expected USA interest rate cut
 
The Rand has staged a stellar rally. Strengthening from above R15 against the USD to below R13.90. It came within half a cent of our R13.8550 target against the USD but the price is consolidating. It’s time to bank our profits after a 6.24% gain, with gearing your gain could have been more than ten times larger.
 
Trading the other way and going long the USD against the ZAR has good risk to reward metrics. With Thursday’s expected rate cut we should see some ZAR weakness. A reduction in interest rates is generally negative for a currency.
 
If we also get some negative earnings, investor sentiment might wane considering slowdown fears, this will see a risk off trade affecting the ZAR. American earnings season unofficially kicks off with the major US banks this week.
 
Look at the chart below and see how the USD/ZAR pair is consolidating around the R13.90 level. R13.90 is a strong support level. The R13.60 level (indicated with the green line) is the upper resistance level that we will be targeting on our long trade.
 
 
 
Go long on the USD/ZAR at R13.90, stop loss is a daily close below R13.80 with a target of R14.55.
 
New Round of Structured Products Launched
 
We have just received the latest terms for a couple structured products launched yesterday and have compiled a summary.
 
These products provide 100% capital guarantees with minimum returns of up to 25% even if the market is negative over the investment period. Minimum investment is R250,000.
 
Should you like to receive our structured product summary, please email me on trader@protrade.co.za.
 
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The week ahead:
 
Local: Manufacturing: Retail trade sales (17/07); SARB rates decision (18/07)
 
Results Due: SBV (19/07)
 
LDT: AFH, AFH, DTA, IBRP1, LEW, NCS, PMV (16/07)
 
Special/Share Premium Dividend (16/07): STX40, STXDIV, STXFIN
 
Other Economic data releases of interest…
 
Monday: Empire State Manufacturing Index (USD); CPI (NZL); Monetary Policy Meeting Minutes (AUS)
 
Tuesday: FOMC Member Bowman & Evans Speaks, Core Retail Sales, Fed Chair Powell Speaks (USA); Average Earnings Index (UK); German ZEW Economic Sentiment (EU)
 
Wednesday: Building Permits (USA); CPI (UK); CPI, Manufacturing Sales (CAN); Unemployment Rate (AUS)
  
Thursday: Retail Sales (UK); Philly Fed Manufacturing Index, FOMC Member Williams Speaks (USA)
 
Friday: FOMC Member Rosengren Speaks & Bullard (USA); Public Sector Net Borrowing (UK); Core Retail Sales (CAN)
 
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We banked 71% on EOH and 6.24% on our USD/ZAR and it's time to get back in
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