Price has been moving in a descending channel, in a series of impulses and correction, and we can expect prices to continue to move to the downside. There is potential for short term long entries due to an inverse head and shoulders pattern, which is a reversal pattern, but first price has to break the neckline and this will give us confirmation to enter...
Possible reversal on JSE:SHP . It formed a bullish harami pattern on Tuesday at a level of support.
The stochastic is also turning up at the moment which is a good sign for a reversal.
Price has been bouncing around the major support zone on the 15m chart being rejected for the third time now, this must be an indication of bulls are trying to push price away from the resistance zone but every time a move away from the resistance occurs it gets rejected by bears in a major pressure shown by the engulfing candle sticks. NB!! double check analysis...
We’ve all seen the latest released SA retail figures and subsequently what it’s done to the local retail company trading updates and financial results. Yes, it’s been bad! But, like my kids always tell their old man: “dad…that’s sooooo last year!!”
I recently published an idea on JSE:WHL () and still believe that the company should pull themselves out of the...
Elevated valuations, weakening rand; I don't see that gap closing soon.
In case it does, there is a falling 50dma (currently at around R179) on the way which has been acting as resistance (for most of the times) since April 2018.
Shoprite seems to have held the R180 horizontal support level even after results which missed market expectations. Possibly a range trade back to R190 with a 2:1 risk reward ratio. Enter 180, s/l 175, target 190
SHP approaching overhead resistance just below 200.00. Momentum indicators are looking weak which means there is no real buying impetus at current levels. I'll be looking to short after retail figures this afternoon. Levels are indicative only, but i do think this is a high probability short
A consolidation triangle "a;b;c;d;e" has formed and got broken out, now we either enter at the current market price and have our SL around 18369 and TP around 21319. This is also due to the bigger triangle forming with the previous low being currently a strong demand.
JSE:SHP is looking good for a short position.
The MACD as well as the Stochastic are pointing downwards. The Exponential Moving Averages have also crossed in a downward direction.
We can expect this to continue downward until it reaches support at around the 18000 level.
Shoprite hasn't had the best year. In March it created a high of R281.90 and then proceeded to crash all the way to R174.50. Interestingly enough however, Shoprite has created a cup-and-handle pattern over the past two months.
This is a common bullish pattern and indicates a change in trend.
If you look at the chart above, you can see how Shoprite formed...
