See link below for previous analysis.
The triangle outlook has been invalidated but prices has continued upwards as forecasted but with much reduced momentum compared to wave .
The support trendline is firmly intact but price action has been very choppy from 5370.
It is likely that the stock is forming an ending diagonal for wave .
I am always cautious when a...
Massive breakout from RLO taking out this huge R60.00 level. I have two targets : R73.30 and R96.10 approx. Fact that this chart has spent 3 weekly closes above the major resistance level is a very good sign and likely to go higher. Perhaps if there is some market weakness once can pick this up closer to R63-R64
Reunert (RLO) is a company involved in electrical appliances, electrical engineering, and information communications. The company has been in existence for 130 years and listed for 70 years. It has operations in Australia and Sweden as well as in Zimbabwe, Zambia, and Lesotho. It exports to many countries around the world. Electrical engineering accounts for...
See link below for previous analysis.
The five wave count from 3611 is still intact.
I count three waves from 3611 to 6391 which means the consolidation from March 2023 is wave ((iv)) and looks to be unfolding as a triangle.
I will maintain this stance unless a break below 5370 invalidates it.
Reunert has not disappointed since the original analysis published 12 December 2022, link below.
There is some uncertainty whether or not wave iv of (iii) is complete but price is holding up nicely above the 5700 resistance turned support zone.
Either way, the wave count calls for consolidation/pullback for wave (iv) and one more leg up for wave (v) to complete...
After a beautiful rally from November 2022, price is in a consolidation phase and basing now on its 50 day moving average.
Bulls will want to hold price above this level to continue the momentum to the upside.
The company continues to be well positioned to benefit from renewable energy demand and the continued load shedding issues in South Africa.
A bearish trend is applicable.
The ideal short entry is around 6200.
Increase short exposure for a break below 6000.
The target price is set at 5700.
Stop-loss price is set at 6400.
A complete Elliott wave 1 to 5 waves unfolded and a corrective wave might unfold.
On the 28th of November 2022, Reunert released good annual results for its 30 September 2022 financial year end.
The salient results were (R'm)
Revenue: R11,129m +16%
Operating profit: R1,231m +17%
Attributable profit: R827m +6%
HEPS: 519cps +9%
EPS: 520cps 8%
Final dividend per share: 224cps +8%
The group also stated that it is positioned to deliver an...
Reunert is in the process of turning a resistance coming from 1 June 2021 into a support. Once this is confirmed i will enter this trade with my target being R58 at resistance coming from 1 August 2018. My stop would be at R45. Company came out with good results in bad times, and i think this trend will continue.
Following on from the idea posted in September, RLO has moved up nearly 20% .
After a solid earnings report, i will be looking to add to my position on any pullbacks towards the up sloping 20/50ema.
Stochastics are just turning up off oversold so this stock may have legs to run to the next big area of interest R54.50.
A daily close below R44.00 again would be...
Reunert staged a lovely rally since our last idea (link below)
The stock still offers an attractive PE and dividend yield.
Price has now retraced from the R48.94 high and is in an area of interest where we will be looking for support.
- R41-42 will provide a buy entry to target R45.25 initially
- Stoploss is a daily close under R40
-- MANAGE YOUR RISK -...
Running a few screens this afternoon and this is one of the names that has flashed. Cup and handle technical structure. Target 4600c with a stop at Friday's low 3991c. Current 4208c
- Price has pulled back to a decent area to accumulate for a long position .
- Daily Volume has picked up
- Stock is currently on a 7.9 price to earnings
- While we hold R36 on the daily, i will be looking for a reversion back to R40 and possibly the 200 day ma at R45
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as...
RLO is trading below its one year moving average(250ema) and is attempting to retest the broken support at around the 46.25 level
downside is favoured with a Risk reward of 1.5x or greater
RLO has been trading in a bearish channel for the last 2 months which is starting to look like it can break to the upside if
price closes above the R50.00 mark
Reward to risk 1.5 : 1
