On the breakout off the ending diagonal. I am anticipating a buy entry
I have been bearish on SA Retailers since March 2018 (short/sell idea on TFG since R220) - this was when we saw 'Peak Ramaphoria' and when the Rand traded around 11.55 to the USD. From a valuation perspective, SA retailers do not trade on the value side and should we see weak retail Festive Season Sales being reported, this could be a catalyst for a further...
Currently on a bullish flag and the bullish target is around 19160, another reason is a resembling head and shoulder pattern.
The Foschini Group has been in a long-term uptrend channel. The 200 SMA has defined the oversold condition during this trend. It has again pulled back to the 200 SMA becoming oversold. After an initial strong move I am waiting for a pullback to to around the 17000 level and Yearly Pivot Point on the Daily chart to go long. The target will be overbought conditions...
With the petrol price increasing, tax increased this year results on a lot of financial pressure on the south african consumer leaving consumers with a lower disposable income. In time of lower disposable income it is natural in an economic sense that there would be an increase on credit purchases from consumers. With this being said. I think TFG is best...