Sasol Under Renewed Pressure After AGM Disruption

Sasol Limited (JSE: SOL) faces significant challenges as climate activists disrupt its annual meeting, prompting cancellation. The company, South Africa’s second-largest greenhouse emitter, is under scrutiny for unclear commitments to cut emissions by 2030. Shareholders, including major investment managers Ninety One and Old Mutual, threaten to vote against the company.  

This climate activism reflects a broader trend, emphasizing the increasing pressure on industries amid South Africa’s energy transition. Despite this, Sasol shows strategic resilience by appointing Simon Baloyi as CEO, succeeding Fleetwood Grobler. Baloyi, with a deep understanding of the company’s operations, aims to lead Sasol through its climate targets. Furthermore, collaborations in renewable energy with Mainstream Renewable Power and exploration into sustainable ingredients signify a potential shift towards greener practices. 

Technical Analysis  

Sasol’s 1-day chart indicates a bearish sentiment. Currently trading at R215.44, with a recent break below the ascending channel. Trading below the downward-sloping 50-SMA (blue line), 100-SMA (orange line), and 200-SMA (red line) signals a bearish trend. The recent downward cross between the 50-SMA and 100-SMA suggests a short-term momentum shift.  

RSI trending downward at 35.44 indicates bearish sentiment but is nearing oversold levels. Short-term trading opportunities towards the 23.60% Fibonacci retracement level at the R224.67 price level could arise should the bulls sustain a push higher. A break above the initial resistance could confirm the bullish momentum, likely bringing the R235.36 and R247.14 resistance levels within the bulls’ reach in the short term.  

However, a sustained push lower would leave a potential for continued bearish pressure towards the R210.78 support level. A break below the initial support could trigger a run lower and would likely bring the R202.75 and R195.87 support levels into play. 


Sasol faces shareholder unrest amid climate concerns, impacting its annual meeting. The appointment of Simon Baloyi as CEO signals continuity but comes amid challenges.  

Technically, the stock remains bearish below key SMAs, with short-term bearish prospects lower should the price action break below R210.78. Key levels at R224.67 resistance and R210.78 support could be pivotal for short-term direction as the stock navigates environmental concerns. 

Sources: TradingView, Reuters, Simply Wall Street, SASOL, PR Newswire, MoneyWeb, BusinessLive. 

Disclaimer: Trive South Africa (Pty) Ltd, Registration number 2005/011130/07, and an Authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act 2002 (FSP No. 27231). Any analysis/data/opinion contained herein are for informational purposes only and should not be considered advice or a recommendation to invest in any security. The content herein was created using proprietary strategies based on parameters that may include price, time, economic events, liquidity, risk, and macro and cyclical analysis. Securities involve a degree of risk and are volatile instruments. Market and economic conditions are subject to sudden change, which may have a material impact on the outcome of financial instruments and may not be suitable for all investors. When trading or investing in securities or alternative products, the value of the product can increase or decrease meaning your investment can increase or decrease in value. Past performance is not an indication of future performance. Trive South Africa (Pty) Ltd, and its employees assume no liability for any loss or damage (direct, indirect, consequential, or inconsequential) that may be suffered from using or relying on the information contained herein. Please consider the risks involved before you trade or invest.