$JSETFG - Foschini: Bottom STILL Not In Yet, What Now?
The last coverage of Foschini was on the 14th of March 2023, link below.
Price has traded moderately lower since then.
On the 10th of May 2023, TFG released a trading update for Q4'2023 and the 12 months ended 31 March 2023.
Technically, not much has changed on the structure and we now have more clarity that the correction is not yet complete.
The stock had a bounce at 8228 but this level has recently been breached.
Though still very early days, the recent price action suggests that the stock is making another interconnecting (X) wave before we see further downside for wave (Z) to complete a complex triple-three corrective pattern.
The Group expects to release its annual financial results for the 12 months ended 31 March 2023 on Friday, 9 June 2023.
Until then, I will sit on my hands and observe price action.
Price has traded moderately lower since then.
On the 10th of May 2023, TFG released a trading update for Q4'2023 and the 12 months ended 31 March 2023.
Technically, not much has changed on the structure and we now have more clarity that the correction is not yet complete.
The stock had a bounce at 8228 but this level has recently been breached.
Though still very early days, the recent price action suggests that the stock is making another interconnecting (X) wave before we see further downside for wave (Z) to complete a complex triple-three corrective pattern.
The Group expects to release its annual financial results for the 12 months ended 31 March 2023 on Friday, 9 June 2023.
Until then, I will sit on my hands and observe price action.
