Octodec has had a challenging year with the price constantly on the downtrend.
That was until 27 June 2023... We can see a huge wick where there was most likely buying from Smart Money and financial institutions...
Since then the support has been tested numerous times and it's since then formed a W Formation (Double Bottom)...
We do need the price to break...
Octodec (OCT) is a real estate investment trust (REIT) which owns 246 properties mainly in the inner cities of Johannesburg (33,9%) and Pretoria (66,1%). It has a gross lettable area (GLA) of 1 557 460m² and is valued at R11bn. It is owned and controlled by the founding Wapnick family and Jeffrey Wapnick is the CEO. It owns Killarney Mall and Woodmead Value Mart....
Octodec has seen some effort without response. Supply is stepping in at lower and lower prices and testing the 1500 level. With supply diminishing I am now waiting for the break lower.
The rising support trend has held well to date and will be interesting to see if it holds following the breakout of the bearish flag formation at beg of the month.
