H&S finally playing out after the choppy price action that followed after the initial neckline break (when I spotted and published the set up). Price moving towards the 165 TP area.
I seem to be seeing H&S patterns on most charts these days! Spar seem to be breaking the neckline of such a technical pattern today, as price attempts to close the November 2020 gap.
SPP has bounced of R188 for the last couple of weeks and into R200. The range is still intact with a nice R:R on the trade, entry just above R188 with a stop loss at R187 while first target is R194 and full target at R200.
Spar being punished on the back of results. Trading down into the 190 - 193 area which looks interesting to enter a long position. Would suggest to drill down into an hourly chart to fine tune entry and look for an reversal in the 190 to 193 area. My upside target will be around 204. Stop loss will be a daily close below 185..
Spar has been in the 15100c - 21200c box for sometime now it has been in the box since 2015. I’m waiting for break out of this range.
Nice Symmetrical triangle pattern on Spar. The 30w EMA just crossed the 60w EMA. Looking good to break higher. Using the height of the triangle my target for Spar is 28000c. Waiting for a break out through the symmetrical triangle
Spar Group (SPP) | Buyers at R160, but for how long? Trading at the lower boundary of a 5-year rounding top. How long will R160.00 continue to hold? Accumulation/Distribution rolling over. RSI in a bearish regime. A monthly break & close <155.00 opens up ~134.00 to 130.00. Monthly Chart. Last Close: 162.54
JSE:SPP - Look for confirmation below 16913 (NL) TP 16255
Looking at Pick n Pay's implosion today, I cannot see how Spar is going to fare any better. Anyway....From a technical perspective, Spar is reaching overhead resistance at about the 200 day moving average and has often been sold down at these tops which can be seen by the long upper tails that have failed to create new daily highs. So we have gone SHORT ahead of...
Spar Group (SPP) The price has breached incline support whilst simultaneously losing 8-day EMA. Provisional Levels: Short term accumulation at the most recent lows of 16550-16635. Would look to buy there and sell on a rebound back to 17700c. Stop: 16290c.
Resistance levels tested, feeling like it might come down from here.
Upcoming resistance will determine the fate of this stock. It all seems pretty bullish now, but looking out for signs of waning momentum around this resistance zone.
SPP Short with H&S clearly shown ready to break down as accumulation STAGE has completed wait for break to short
- Price has retraced back to the 200MA dauily where it was met with fierce resistance - It has broken out of the bearish flag pattern on decent volume and suggests futher weakening towards the lows around -- MANAGE YOUR RISK - - Disclaimer: All ideas are my opinion and should not be taken as financial advice. JSE:SPP R153
SPP is this the bottom of this H&S or will market volatility weakness add momentum on this movement closing below support will see further downside
SPP Has not only broken back into its TR it has broken a LTS as well expected bear trend continuation confirmed
SPP has broken down on its long term indicators H&S confirming Short on Daliy , weekly, and monthly charts trend reversal in process
As per the monthly chart, it should be noted that the Relative Stength Index has entered a bearish regime, with a print of 44 at current levels while the bearish divergence warns of long term downside.