Price testing the underside of an upward channel; which (if it doesn't hold) may as well turn out to be a giant bear flag, with 45 & 40 being possible targets.
PIK trading in a small channel. It is going ex div on 2 Jun. If price moves down to the lower channel i will look for a reversal to go long.
Ideas are my own and not financial advice.
An update on the related idea dated 29/03 (see attached).
Yesterday, JSE consumer staples showed relative strength versus consumer discretionary.
- PIK (5727c) is breaking to the upside of a 12-month rounding bottom which also includes a smaller inverse head and shoulder as well as a pennant. The 5700c to 5730c level is looking to be cleared and should be...
Pick and Pay is bouncing of major resistance at a level coming all the way from early 2017. Weekly stochastic is still showing overbought position. Although there is a small window to close to the top, i will wait for a pullback to about the R50 level before entering into a position.
- After been stopped out in our initial long trade, the stock has gone and closed gap..
- The inverse head and shoulders pattern targets a measure move close to R70 , as long as bulls keep above R52...
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Original idea in link
Currently testing neckline of Inverse Head and Shoulders formation on the daily chart. Break of neckline at 5710 targets 6750 and has a full target of 7250.
