CFR Richemont | Medium Term = High bullish momentum/approaching overbought + approaching unfilled gap. Also note, relative to the Top 40 Index, the share is trading 19% above it’s 200-day SMA. There is however a negative divergence as the previous relative high saw the share trading 32% above it’s 200-day SMA.
CFR is climbing into a cycle high, we can expect that to come at R3,080.00 (1.618 fib level), if it runs further there is R3,190 which is the median line of the Pitchfork (not shown to declutter). The daily chart is building some negative diversion while the weekly is becoming overbought.
The stock has rallied well in January and is now entering the next area of interest R2980-R2820
It will be key to see how price action develops which will give clues to whether we break up further or have a pull back towards the up trending 20/50 ema's to recharge.
Note we still have a cup in handle pattern in play with a measured move that targets the R3150...
Richemont (CFR) is the world's second-largest supplier of luxury goods controlled by the Rupert family in Stellenbosch. Its sales are entirely located overseas so it is an excellent rand-hedge. Its luxury brands include Mont Blanc, Cartier, Lancel, Jaeger-LeCoultre, Van Cleef and Piaget. It has boosted online sales to 21% of turnover by acquiring Yoox-Net-A-Porter...
See link below for previous analysis.
Richemont had a small rally since the previous analysis.
I have been looking for a five wave rally though from the 215732 cps low and the rally to 265732 cps looks to be three waves.
This is where is gets complex as there are two ways to interpret this:
1) the three wave are a full zig zag correction and price is continuing...
Richemont
Richemont's Market Outlook: Interpreting Bearish Signals in Trading Analysis
1.Price Formation: The price has broken out from a RISING FLAG price formation on a daily chart.
2.Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a sign indicating bearish momentum.
3.200-day Moving Average is above the Price.
4.Thus, Mas...
JSE:CFR closed above a key MA today, the stock is also above a potential resistance level. The MA is still facing downwards, however, without the indicator, the price action is compelling to initiate a long position.
Potential target and stop levels on the chart.
Richemont
Bearish Bias in Richemont: A Head & Shoulder Price Pattern Analysis”
A bearish bias is indicated by the breakout of the price from a Head & Shoulder price pattern.
(MAs 7<21<200 confirms the bearish sentiment.
Additionally, RSI below 50 further supports the bearish bias.
Target is set at R1800.
Richemont – the company
Richemont is a multinational luxury...
See link below for previous analysis.
The wave 4 forecasted in the previous analysis turned out to be much deeper but looks to have bottomed at 215732 cps.
The overall structure from 147340 is still an impulse so wave 5 could be in its early stages now.
What is key is that 215732 holds and this level should be used as a stop-loss.
What is further encouraging...
RICHEMONT is showing a healthy Bounce Back after the recent Earnings report.
The Trend Cloud shows areas of possible Support and Resistance.
Also noted is that if one held during the recent Drop, that you would still be in the Green.
Patience maybe?
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RICHEMONT is showing a healthy Bounce Back after the Earnings report.
The Trend Cloud shows areas of Support and Resistance.
Also noted is that if one held during the recent Drop, that you would still be in the Green.
Patience maybe?
Get an Expert's Advice before making any Trade or Investment Decisions.
Smash that Rocket Boost Button to show your Appreciation for...
Richemont (JSE:CFR) Breaking the significant down trending channel which has held price lower since July in a very controlled 'Fashion' (excuse the pun). The level we bounced from is the 50% fib retracement from the May 22 lows and May 23 highs. RSI and MACD has been building divergence for weeks where the indicators made higher lows which was not confirmed by...
Richemont (CFR) is the world's second-largest supplier of luxury goods controlled by the Rupert family in Stellenbosch. Its sales are entirely located overseas so it is an excellent rand-hedge. Its luxury brands include Mont Blanc, Cartier, Lancel, Jaeger-LeCoultre, Van Cleef and Piaget. It has boosted online sales to 21% of turnover by acquiring Yoox-Net-A-Porter...
Trading at a key level + Early Signs Of Stabilization And Potential Recovery? My view is that diagonal trend lines are LESS reliable that horizontal trend lines, however, here is a view to consider. The share is trading at the lower boundary of a multi-year channel which extends back to the lows of March 2020.
Cfr has been under pressure along with the luxury segment and could reverse after filling the gap by dipping below 2000, which could act as a springboard for a recovery.
Weekly is quite oversold so I expect a B wave bounce into $125 to $130 range. But divergence is still negative on the RSI which means CFR could be heading to the bottom of the channel. Gap fill 98 to 100 could provide support.
We have previously mapped the bearish cycle for Richemont, price is now arriving into a horizontal support zone where we can expect a daily cycle low. We will know this is confirmed when price closes above the blue downward slopping trendline. The pink resistance line is where price confirms a weekly low is behind us.
Our expectation is that price might want more...
Richemont
Bearish Bias in Richemont: A Head & Shoulder Price Pattern Analysis”
A bearish bias is indicated by the breakout of the price from a Head & Shoulder price pattern.
(MAs 7<21<200 confirms the bearish sentiment.
Additionally, RSI below 50 further supports the bearish bias.
Target is set at R1800.
Richemont – the company
Richemont is a multinational...
