Shoprite is finding little buyers as price nears all-time high, we can see volume dropping as price pushes higher. On indicators, worrying signs are beginning to develop:
1. TSI & RSI are putting negative divergence.
2. The RSI is showing overbought and beginning to turn.
This is not an ideal place for one to go long, we need the indicators to reset which is likely at a weekly low point. For now there might be a push for price to go near all-time highs to allow institutions to get out. Retail investors are best to sit this one out.
1. TSI & RSI are putting negative divergence.
2. The RSI is showing overbought and beginning to turn.
This is not an ideal place for one to go long, we need the indicators to reset which is likely at a weekly low point. For now there might be a push for price to go near all-time highs to allow institutions to get out. Retail investors are best to sit this one out.
Comment:
Sometimes markets come at you fast, Shoprite capitulated on earnings, has gone below 21 August price meaning we are in failed cycle territory and begin the intermediate decline.