After breaking through resistance level at 25083, Price reached new high today, However still within the same range.
Waiting for next daily candle to confirm either a stronger push to the upside or we could experience a price rejection.
JSE:CFR reported an 8% increase in sales. In a previous post we mentioned that JSE:CFR was at a 52 week high but we wanted to see a bit of consolidation. There's some consolidation there to tuck in a stop loss when taking a long position.
JSE:CFR has reached a previous resistance level. The run up has been impressive; ideally I would like to see a brief consolidation before a breakout but we gotta respond to price action not to our wishes. Price action pays.
I believe the stock has completed wave B of a zigzag Correction. It closed the week with a Dragon Fly doji at 161.8% Fibonacci ratio. We have 5 sub-waves on Wave A, 3 sub-waves on wave B and I'm anticipating 5 waves down to complete wave C.
JSE:CFR has tried to retest the recent breakout level. The stock is now attempting to break above the recent high. It can be a decent place to add to en existing position, or to establish one near the breakout level.
Profit target 1 Reached for Richemont at R205.65
There is still a strong Bullish bias, but we'll have to wait for the next pattern to form.
The JSE Santa Claus Rally is premature but we are loving every second of it.
Let's hope it continues after a trying couple of months.
Richemont price has been making lower highs with resistance from August, price has formed a rising wedge. On the hourly chart price is showing oversold and can be expected to rise with lower trendline giving support for a brief period. If price reaches the resistance line & rejected go short, alternatively if price breaks below the support line of the wedge....
Short formed W Formation
This is where the Right rounding bottom is higher and makes higher lows than left rounding bottom.
The RSI is above 50 and has broken its downtrend.
Target R205.60 to begin with...
Do you agree?
Retraced to find support at the 61.8% Fibonacci retracement zone + clearing upper boundary of short term channel + reclaiming near term moving averages + 14-day RSI just above the 50 level. Please note: Earnings on 11 November creates an 'event risk'.
Preferred Entry: Currently ~18015c
Stop-loss: 17350c
Target: 20200c
Initial recent long was below 15000c in...
A head and shoulders pattern has formed on JSE:CFR . The neckline is ascended slightly, but I think it has a fair chance of playing out. The target is down at the R89 level.
Share down more than -9% on earnings disappointment.
Technically there is a gap opened, up to 172, that may get filled in the short term. RSI is also approaching oversold territory, meaning an oversold bounce may be reasonably expected.
But overall I'm being guided that 'bear flag' formation that may target 130 next!
I'm also a firm believer that "Nothing good...
