Market Wrap - Stock Pick — long rand
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Viv Govender from Rand Swiss Offshore chose to long rand as his stock pick of the day.
"I'm going long on the rand and I think that we've seen a bit of resistance in terms of weakening at about the R15,40 to the US Dollar level. We have seen some good news about the inflation rate today which got us to about R15,20. I think that we have probably over sold at the moment, I cut my last long at about R14 and it's weakened more than 10 percent since then so I think that one is reasonably well secured to get into a long run position right now, for a move at least to the R14,50 level
"I'm going long on the rand and I think that we've seen a bit of resistance in terms of weakening at about the R15,40 to the US Dollar level. We have seen some good news about the inflation rate today which got us to about R15,20. I think that we have probably over sold at the moment, I cut my last long at about R14 and it's weakened more than 10 percent since then so I think that one is reasonably well secured to get into a long run position right now, for a move at least to the R14,50 level
