Bullish Scallop formed recently on TFG.
This coincides with a breakout to the upside from the continuous downtrend.
Now that we have had a break above both, shows momentum is setting itself for more upside.
Other indicators confirm upside to come.
7>21 MA
Price<200
RSI >50
Target R112.02
SMC
Bearish FVG formed (Arrow) this is where two candles prices do not...
The Foschini Group seems to be in an area of decent support. It is testing the bottom of the range (yellow parallel band) and also the upwards blue TL. Any price around 82 seems like a good level for a long, with a stop loss on a close below 73.
Inverse Cup and Handle formed on TFG
And the trend has been nothing but down.
200>21>7 - Bearish
RSI <50
Target R89.50
So what now? Well with the ongoing banking collapse and the trouble with financials, insurance and retail sectors mean we can expect the downside to continue.
I'm going to wait for the next setup before doing anything.
The last coverage of TFG was on the 11th of January 2023.
Price has broken below 9600 and invalidated the view that a low was in.
I have subsequently updated the preferred wave count to that of a double zigzag (WXY).
TFG released a Voluntary trading update in respect of the continued impact of load shedding in South Africa yesterday and the market sold as a result...
Inverse Cup and Handle formed on The Foschini Group.
We then had a major break below, showing that the supply side was dominating the market.
We have other confirming indicators of downside to come.
200>21>7 - Bearish
RSI <50
Target R89.50
ABOUT
The Foschini Group (TFG) (Founded in 1924 as a men's outfitter store by Jewish immigrant, Samuel Foschini.) is a...
Foschini ends off the month of February with an inside bar (range).
I will be looking for a break of the high or low for further clues on the next leg (nb: fakeouts are also tradeable)
Broken out of downtrend since September 2022
Cup and Handle has formed in the interim (with the handle in play).
We just need to wait for a breakout to the upside
7=21 but looks like it wants to cross up.
RSI>50 - Bullish (Good)
Target R140.24
General Info:
The Foschini Group (TFG) listed in 2002 on the JSE is a South African retail company founded in 1925...
The stock has managed to regain some important levels including the 20/50 emaś
It may be difficult to chase from this level so a better entry would likely be a pullback towards the R105 area.
Alternatively with a wide enough stop , i would likely target the R120-R126 zone.
After a staller run from the March 2020 lows, TFG peaked at R166,88 in June 2021 and has had a strong bear market correction.
From an EWP perspective, this bear has unfolded as a zigzag labelled wave (A) to wave (C) and the (B) wave unfolded as a sideways triangle pattern.
The entire zigzag has been almost perfectly contained in a descending channel and price has...
Relative performance and relative strength is meant to assist traders and investors in understanding the appropriate weighting/positioning versus the overall market. Combined with additional factors, a trader is able to determine whether they should hold an equal weight, underweight and overweight position versus the index. The data below represents the relative...
Foschini is testing the area of support again.
TFG recently released a robust trading update, with retail turnover growth of about 31%.
With Earnings to be released on the 11th of November we could see downward pressure step back and allow for Long trade back to September highs with a Target of R137.
Concerns: The Foschini Group lost 99,000 trading hours in...
High risk trade idea. TFG being sold down sharply following a good reaction to it's trading statement yesterday.
Long idea at current levels or lower i.e. the trend line support.
Possibly it trades lower tomorrow morning followed by a reclaim of today's lows i.e. a piercing candle also know as a 'red dog reversal'.
Stock is pulling back from over bought territory.
Now approaching an area of interest.
- Previous breakout
- 200dma
Lower timeframe will trigger a long position on support. Price needs to remains above R123 on the daily.
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
TFG: Recent call to 'reduce' above 14900c. Now looking at a potential downside continuation. Poor candle structure at multi-month support where a breach and close below the lows could open up a sustained medium term downward trend. Local economic conditions possibly placing pressure on consumer discretionary spend which could see valuations de-rate. Risk BELOW 11700c.
