Super Group could find some support at R27. The share is trading in a range of between R27 and R30.19.
The 50-day MA could @ R28.88 could act as an initial resistance point.
Super Group has undergone distribution since 2016. After a backup to a Last Point of Supply (LPSY) and the 200 Week MA the markdown is starting. There is divergence with the volume RSI and it seems that there is more downside to come.
Over the past year, SPG found support around the R32 quite a few times and always manage to stick. We can clearly the Descending Triangle in the share price movement that developed since the end of 2018 that could be very positive for SPG, should we see a break and close above resistance level at R36. This coincide quite nicely with its 200-day moving average as...
Since the share reached an intra-day high of R41.83 on the 25th of September it has declined by more than 21%. Support can be found at R31.97. Target price would be around the 23.6% Fib retracement at R35.45. Fundamentally Super Group appears to be offering value.
