Shoprite didn't take long to hit the R128 mark, the less than impressive results exacerbated the slide.
$JSESHP Hourly targets R162 and R178.50
$JSESHP Stopped out early - channel break feels uncomfortable
JSE:SHP Closed bellow 15000 yesterday. If it holds bellow target is around 12500-13000 area.
$JSESHP Mirrors daily picture - close above R161 confirms
After a selling climax (SC) in January price has formed a trading range (TR). Currently, the price is ranging defined by the SC and automatic rally (AR). Volume is reducing phase B. Currently the bottom of the range is being tested. Once the test is complete and TR holds the top of the range could be tested. However, it looks like a large base is being formed that...
$JSESHP Bounce off lateral support offers good RR
Looking at Shoprite, we may derive the following from the daily chart: 1. A range channel has been forming. 2. Price is approaching support. 3. It should either bounce or break lower. 4. I believe price will most likely go lower considering that the overall trend has been down. 5. As always - maintain your risk management. Let's see what happens....
JSE:SHP has broken out and confirmed on a symmetrical triangle pattern. It has also broken above a fractal. This is a good sign for a long position.
JSE:SHP is showing a piercing line pattern which is a bottom reversal signal. If it continues up, I will enter a long position.
Patience is everything. Let's wait for a retracement and a test of that magic line then it's all systems go. This analysis is strictly based on previous and current price action and signals Good luck
JSE:SHP is showing all of the signs for a long position on our trend following momentum strategy. It would have been better to catch this a bit earlier, but it still has a bit of room to move until it hits the previous resistance.
After having broken previous support near R180.00, Shoprite is looking perilously weak. This seems to be the case with most retailers but the once "stock market darling" certainly looks to be struggling to gain any upside momentum whatsoever. If support level 2 does not hold, there is a very very long way down. Don't kid yourself, R130.00 is not impossible
JSE:SHP has broken out of a small descending triangle pattern which is a signal for a short position. I have entered a short position and am aiming for around the 16000 target level.
JSE:SHP Trying to break above big box developed over last few months. So far looking good for bulls.
Possible Cup and Handle scenario. Lets see if it can break the R178 this time and stay above it.
JSE:SHP is trading at a resistance level and if it breaks through, I would consider a long position based on the breakout of the longer term down trend, but if it bounces off, I will go short for a shorter term trade. But I will wait to see what happens first, before I make a decision.
SHP had a bear trend since Mar 2018.... started moving sideways Jan 2019 to current. Possible new Support at R166. (Not tested and confirmed yet) Stong Resistance at R177 Breakout above R177 - R178 and tested may be a bulls breakout indication. Target 1 - R190 Target 2 - R196 Target 3 - R206 This is just a possible scenario. Any other suggestion will be appreciated