Just entered a short position in EURONEXT:PRX .
Entry @ 87,75
Stop @ 91,20 (-3,9%)
Target @ 75,20 (+14,3%)
There's long term divergence MACD (sell signal given) and RSI (sell signal given). DMI confirms with a DI - > DI + and ADX rising; confirming downtrend.
At the moment there's some gap filing going on, it's just waiting for the red rising support line to be...
With Prosus shareholding in Naspers it is following the trend down (See post below) and we are now looking for a markdown to occur. We are looking for a markdown to below R1200.
Its a good start to the week for PRX on the weekly. We seem to bouncing off the weekly kijun which is sloped upwards. If this continues we should have enough momentum to reach the weekly tenkan around 163208 zone, which is our target. The lagging span is free to move as well which is a good for our hypothesis. We entered the trade on the daily after a convincing...
The 7-day RSI is extremely oversold with a 20 reading in which case we may see an oversold bounce. On the other hand the US tech sector sold off sharply on Friday which may see follow-through to Tencent which could lower levels for PRX. The selling pressure has been significant as evidenced by the large red candles but to say that continues would be...
PRX has been in a strong uptrend ever since it broke out of BLUE falling channel (note the perfect backtest of this breakout with the doji on May 4th). Now it's broken out of BLACK bullish ascending triangle, which has a conservative target of 93.40. Recent weakness looks like a backtest of triple support (the ascending triangle's flat and rising trendlines, and...
*Extract from client research note 01-June-2020
Following a significant appreciation off the March lows, the share has retreated with the strength of the Rand being one of the major drivers. The price has slipped below both it’s 8 and 21-day exponential moving average with the current retracement being -14% from it’s peak of 166046c. While the immediate and...
JSE:PRX formed a bearish harami on Thursday last week which is a top reversal signal.
This was confirmed by the break through the upward trendline and the stochastic.
This could mean a move downward for a while if confirmed by breaking below the low of last Wednesday.
- Interesting break of the down trend
- I would like to see price come back and test this downtrend then continue up to enter a long
JSE:PRX
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Equities | PRX Prosus 992.47
- is attempting a recovering. System signaling RSI (Daily) attempting to cross above the 30 level
- Bullish divergence as per RSI
- Candle structure sees long tail/shadow being developed today
