October 23 Chart of the Day - Sasol

Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.

Sasol Ltd. (SSL) operates as an integrated energy and chemical company, producing fuels and essential materials used across global industries.

With over three decades of price history, few charts show such dramatic swings between peaks and troughs.

Price is now surging relative to recent performance, catching the attention of traders and investors watching for signs of sustained recovery.

We'll review the chart from a price action perspective to identify potential levels of interest in both directions.

The charts highlight key levels where investors and traders alike will be watching closely.

Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.

When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame. 

As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.

Since May 2023, we've showcased over 625+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.

Monthly Chart 

On the monthly chart, SSL shows three decades of wide swings from the 2008 peak near $68 to the capitulation low near $1.25. 

Since that washout, price has carved a broad basing attempt and is pressing up from the lower zone again.

First major overhead supply sits in the $9 to $12 area, with larger targets layered above near $15.50 and $18.60.

A monthly close back under $5.30 would threaten the developing base and argue for more time inside the lower range.

With plenty of volatility traders have had much to be happy with while investors have had very little to cheer about for a very long time.

This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.

Weekly Chart

The weekly view highlights a clear sequence of higher lows as price continues to rebound.

Key Fibonacci levels show immediate support near $5.33 and $3.44, while resistance aligns around $9.62 and $15.57.

A strong weekly close above $9.62 would likely attract additional buyers targeting $18.59 as the next upside objective.

Losing $5.33, however, would put the developing structure back at risk.

It goes without saying though, the only guarantee in the markets is that price cycles.  It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.

Only time will tell for sure what price will do next...

We’ve combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.

With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.

So what's next? 

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