Spar has formed an Inverse Head and Shoulders Since it hit our Short sell target, it's been forming the pattern. However, as with most markets we are getting a bit of mixed signals. 7>21 <200 (Mixed) RSI >50 Bullish but turning. My target remains to be R160.11 but this is a medium probability trade.
Spar has had a great rally from the December low where it presented much value. It has now tested the 0.50 retrace level... 50% of it last major down leg. The down sloping 200dma is currently around R146 (top of ambush zone) Bulls may need to recharge at R130 - R133.50 zone and let the 20ema catchup.
The last time i covered Spar was on 12 July 2022 and i forecasted buying potential at a key support zone. Spar did catch a bid at R129,09 but that rally was short lived and proved to not be the bottom. The share price was decimated on the 16 of November 2022 after the release of the annual results for FYE'2022. The share price seems to found buyers at R112,98 and...
SPP has been hard hit and negative sentiment in the news has not helped. Major support was initially broken at 136.13, then further minor support was broken at 128.94. Share is now approaching long term support at 106.12 but at current levels one could possibly start building a long position. Stop loss below 106.00.
Since peaking in February 2018 at 22700 zac, SPAR has retraced 40% but is hitting a critical support zone. From an Elliott Wave perspective, the decline from the all-time high to the March 2020 covid-19 sell-off low at 14225 zac unfolded as an ABC zigzag for wave (A). Wave (B) made a deep 88.6% Fibonacci retracement to peak at 21347 zac. The current sell-off from...
Possible buying opportunity on Spar with a pullback to top of downward channel, and waiting for formation of a bullish candle for a perfect goodbye kiss. MACD on weekly chart has crossed over, and momentum is to the top .We are also near a strong support coming all the way from 2012. They have recently also streamlined their Polish business, which will have a...
It appears that a perfect wave count is unfolding. A corrective wave 3 is busy unfolding. The 200-day might also act as major resistance. This gives the opportunity of a buying opportunity of an accumulation close to the 14500 level. This will give the lead to an impulse wave.
My long idea on SPP has reached it's target of R150. This was an idea presented to clients on Monday at 13713c, with the full move being +1287 or +9.3% (ungeared). For more research, including trade ideas, get in touch today.
The next stop is around 98 bucks a share. Broke a more than 12 months consolidation. If you like this idea Don't Forget to Follow me for more ideas like this. Thank You!
Original Idea Attached. Update: Target Exceeded, ST Reduce Prior to today, the share held the PIVOT for 3 days, which is always our trigger. Previous comment as follows: Spar Group: BUY IDEA - Inverted Hammer Candle + Test of 0.618% Fibonacci Retracement Level. Buy/Long Pivot with trigger/confirmation level of 16897c. LAST = 16666c LONG PIVOT =...
#SPAR shareprice is showing great weakness: Consolidation range SPAR is currently trading within a multi year consolidation range (between white trend lines). However it is trading near the bottom end of this range, already showing some weakness. Head & Shoulders The purple line indicates the multi-year pattarn's neckline. If it breaks to the downside, this...
The Spar group has broken the resistance price zone and will most likely head towards the next high at 20802 price range.
Price has historically traded within SR levels of 16200 - 21100. Price is oversold on weekly chart and has tested the SR level at 16200 and bounced. Looking to trade this range with LT target of 21100. Stock is also oversold. LT price trend is up. Always manage your risk
SPAR bouncing off downward sloping channel trendline + strong horizontal support off the R162,00 level that ahs provided support many times in the last 12 months reward to risk 1:2
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
Thought we would see a move lower, first, before higher however the share advancing immediately from publication date. Price now above long target level. Original idea attached.
Unrest in certain parts of South Africa has seen some retailers come under pressure. For some, such as Spar, the restrictions on alcohol have place additional pressure, with investor sentiment souring because of the uncertainty. At the current short term depressed levels or better it may be an opportunity to purchase these shares on the expectation that sentiment...