PRX remains in a bear trend and now trying to complete a bear flag pattern rewards to risk 2:1
Nice move on PRX ever since I 1st identified the break of incline support 3 weeks ago. Interesting that we now have a 'death cross'; which may suggest further downside.
Update: I was wrong on this idea. SL of 1490 has been tested.
PRX has been on a solid downward trend since it's most recent peak on 19 February. In a prior manual analysis, I mentioned that the 1805/1815 area would be a distribution zone. We overshot this area slightly before moving lower to now trade at multi-month lows. Yesterday we may have had a 'flush-out' candle while today we are trying to reclaim the lows. At R1523,...
Price now under 50 and 200 moving average; and today we closed below trendline support. Could that be suggesting more downside?
As previously discussed - see posts below - Prosus is still following Naspers lower. A failure at the 200sma is indicating significant weakness.
As previously indicated Prosus - see links below - is following Naspers down and gaining momentum in Phase D of a Wyckoff analysis.
I believe prx will fall a little and continue on an uptrend
Prosus still following Naspers down with some significant volume and bar on Friday.
Prosus is being distributed on the back of Naspers - see posts below. Time to watch for the volatility.
As with Naspers Prosus has made me wait after observing some weakness in the stock. However, change of character on a significant reversal bar after a failed test is likely confirming that the up sloping trading range is a distribution range and we could see the start of the markdown process starting.
The chart is an extract from my weekly report. Prosus N.V (PRX, R1864.66) | Pivot Cleared | The share currently trades close to it's all time highs, having cleared the overhead resistance (R1765/1800) in place since July 2020. Over the same period, we note the price having made higher lows, which signifies buyers becoming more aggressive on each pullback....
- Some interesting stats when viewing the difference between TENCENT & PROSUS since September 2020.
JSE:PRX has been trading in somewhat of a channel since April 2020. Two day's a go it broke out of the channel and looked like it would continue up, but instead formed a shooting star pattern. Yesterday and today are showing strong downward momentum. We could see a move towards the bottom of the channel or to the support level at around 150000.