W Formation has formed on the property company over the last 3 months.
Today we are seeing a strong breakout to the upside.
Also, the downtrend has broken and the price has moved into a bull market showing strong momentym up.
Other indicators show upside to come:
7>21 Bullish
Price<200 - Bearish but, price action is showing upside to come.
RSI>50
Target...
H&S formed on Growthpoint.
We mentioned this was one of those low probability trades.
However, the overall trend won (as most of the time it does) and down it went.
The target hit at R11.88
And unfortunately, I see further downside to come.
LOADSHEDDING AND PROPERTY COMPANIES!
It seems like the 6 hour - 12 hour day Eskom load shedding is having...
What was a low probability trade has turned into an extremely high probability trade.
The H&S broke below the neckline.
We then had all other signals kick in bearish.
21>7 - Bearish
Price < 200 - Bullish
RSI<50 - Bearish
Target can easily be R11.88
H&S formed on Growthpoint.
The price broke below the neckline.
But the price still has one major barrier to attack.
the 200MA... As soon as price breaks below, the trade will be more likely to work out.
Right now the price is retesting the neckline giving a potential conservative entry point for shorters.
21>7 - Bearish
Price> 200 - Bullish
RSI<50 - Bearish...
Following the larger distribution trading range (TR) of Growthpoint (See link below) in Wyckoff speak we are falling through the ice. This the markdown in Phase D taking place. We are now looking for a break of the trading range (TR), a backup (BU) and then the markdown to start in Phase E is expected to start.
Growthpoint has been in a trading range since 2013. After a good uptrend, there was a throw over of the upward stride and a climax formed. The volatility to the downside has increased and Signs of Weakness (SoW) can be seen. Now after an Upthrust after Distribution (UTAD) and a test we have now seen a Last Point of Supply (LPSY). Looking for a high volatility...
Growthpoint Properties is a diversified property investment holding company incorporated and registered as a public company on 12 October 1987. Growthpoint shares are listed for sale under the Financial Services Real Estate Investment Trust sector of the Johannesburg Stock Exchange (JSE), and the group is today one of the biggest players within the sector. The...
