See link below for previous analysis.
Truworths has met resistance in the 8441 to 8529cps zone.
Though premature to call this a Double Top, how price action reacts around the 6697cps neckline will hold the key for the short-term outlook.
I am neutral for now.
Truworths, operating under the ticker TRU, is a notable retailer in the clothing, footwear, and accessories sector with a strong presence in Southern Africa and the UK, boasting listings on both the JSE and the Namibian Stock Exchange. A significant portion of its sales, approximately 70%, comes from South Africa and is credit-based, highlighting the importance of...
Truworths (TRU) is a clothing, footwear and accessories retailer that operates in Southern Africa and the UK and is listed on the JSE and the Namibian Stock Exchange. It makes 70% of its sales in South Africa on credit - so its credit management strategies are critical. It is in a highly competitive industry where everyone is selling clothes from Woolworths,...
See link below for previous analysis.
Truworths had a great run from the 4682 low to peak at 8441.
Recent price action is showing toppish signs.
Though it's still premature to call for a head & shoulders pattern, I am seeing potential signs of one therefore I will be monitoring price action with that in mind.
Price has found strong support between 6600 to 6800...
A price action above 7300 supports a bullish trend direction.
Increase long exposure for a break above 7500.
The target price is set at 7800 (just below its 23.6% Fibonacci retracement level).
The stop-loss is set at 7000 (its 61.8% Fibonacci retracement level).
A potential broadening top pattern appears to be forming, although it is not yet fully developed. This...
TRUWORTHS - The current price is now testing the lower trend line within a broadening wedge pattern. Anticipating potential support at the trend line; however, a break below it might signal a significant decline, offering a potential short play.
It's worth noting that in the 50 days leading up to the past six earnings release dates, there has been an average...
I didn't have the time to update you on my TRU short/sell idea however I am doing it now.
The share reached the full target of 7420c (from an entry of 8189c). This represented a 9.3% ungeared gain.
The original idea was published here on 06 November and is attached to this post.
For more research insights, including trade ideas, get in touch with me today.
Truworths #WeeklyChart points to 100.
It's overbought on lower timeframes though, meaning a pullback is possible in the short term.
A retest of the 70-76 area can be used to establish a 'long' position with a profit target of 100.
#WeeklyChart
Sell at current levels or higher. Can it trade slightly higher? Yes. Can it build a short term consolidation top for a few more sessions? Yes. The following factors, however, may favor traders looking to enter a short/sell trade (1) The share has appreciated by 19.8% off it's recent lows (19 October). (2) At current levels, using multiple metrics, the share is in...
Educational Post
Generating Cash Flow Through Active Trading Strategies: Truworths (TRU) As An Example
Followers of my research have benefitted from my focus on price and in particular, the short term time frame that looks to capitalize off volatility of share prices.
Going forward, I'm looking for TRU to unwind from an overbought range however, here are two...
Looking to short Truworths between R71.50 and R73.15. Stop loss as a close above R75.50. Target R64.00 - R66.00
Broken uptrend
Under Daily Pivot
Short Term 20 ma turned down
Lower highs on price
TRU - Full Short Target Reached
Yesterday my full short target of 7011c was exceeded.
For more research insights, including trade ideas, get in touch today.
The original idea was also published on this platform in real-time (see attached). As a side note, I published this idea last week Monday, so it was interesting to see Michael Mark (CEO) and a number of other executives having sold on Tuesday (SENS released on Thursday). The CEO selling over R36m worth of shares!
The following is my comment on our client group in...
Price is returned to test the 20 day moving average and there is a an evident rising wedge which has formed.
RSI & MACD bearish divergence
I would be cautious to the long side here especially if bulls can't hang onto the R74 level.
Sure, here is the explanation without number annotations:
The Rising Wedge is a pattern used in technical analysis to predict a...
Short to medium term trading opportunity with a higher-than-average risk. While high bullish momentum has been in place, certain factors point to the share trading in an overbought range i.e. (1) the share is 25% above it's 200-day moving average (2) relative to the Top 40 Index, the share is trading at 34% above it's 40-week moving average (3) The 7 and 14-week...
For more research insights, including trade ideas, get in touch today.
In the upper panel is a ratio weekly chart of TRU vs the JSE Top 40 Index.
In the lower panel is the distance of the ratio vs the 200-day/40-week simple moving average.
When the ratio rises, it means that TRU is outperforming the market and when it declines, it means that TRU is...
- Price has rallied hard from the June swing low of R46.82 and looks to be running out of steam at this resistance level.
- A short trade is initiated to look for a reversion to the mean .
- RSi overbought
-MACD crossing over
Stop (daily close above) and take profit on the chart.
"A reversion to the mean trade is a trading strategy that assumes that over time...
The last analysis on Truworths was on 14.06.2023 and indeed the bottom proved to be in at 4682, link below.
Truworths has taken off like a rocket with very shallow corrections.
The corrective pattern from August 2021 to May 2023 is a running flat characterized by:
Wave B terminating beyond the origin of wave A.
Wave C terminating above the terminal point of wave...
