See link below for previous analysis On Tuesday, Cashbuild released a Trading statement ahead of the interim results for the 26 weeks ended 24 December 2023. Headline earnings per share (HEPS) are expected to decrease between 15% and 25%. The DIY sector in SA continues to struggle and there is little to signal a change in the fundamental outlook. Technically,...
See link below for previous analysis. The bears re-emerged and took price below 6430. My conviction was not great that this would be thee bottom. This is the beauty with the EWP, you know when you are wrong. An update of the wave count shows the decline from 10129 to 6430 as an ending diagonal for wave of wave 3 and the bounce as wave 4. The entire decline...
See link below for previous analysis. Dischem has had a stellar run from the 2154 low, tracing out a textbook five wave advance. Wave is a leading diagonal followed by wave which unfolded as a complex zig zag with a b-wave triangle; wave is a strong impulse and wave is a simple zig zag. Wave can unfold as an impulse or ending diagonal and looks likely to...
See link below for previous analysis. ANH has traded as previously forecasted and looks set to continue its bull run. I am looking at the current advance as being part of an extending wave 3. Wave 2 was a zig zag pattern with a very small wave ((c)) which is typical of a market that wants to rally and the bulls quicky take initiative. I am seeing a similar...
See link below for previous analysis. BATS released its FY'23 results and the market seems to like it. The main take-away for me is that the New Categories achieved profitability two years ahead of the target. That being said, margins are still very tight. The technical picture has not changed much as the stock is still trading downwards in a slight wedging...
See link below for previous analysis. Argent stock is tracing out a textbook impulse move. From the wave 4 low of 1101, the stock looks to have completed the first two waves of wave 5 of (3). The third waves of any degree tend to be strong so I am looking at a powerful move towards 2000 cps from current levels. A break below 1101 cps will invalidate this outlook.
See link below for previous analysis. Coronation stock is a long way off from its glory days peak. The stock spent all of 2023 trading in a very tight range between 2868 to 3850 cps. There's a small double bottom formed by the 2901 and 2868 lows but this looks very small in the context of the larger trend. I will sit on my hands in the mean time until I see...
See link below for previous analysis. After a protracted bearish correction from 642 to 283 for wave (4), PAN stock rallied to 485 before selling off to 285. The rallies off of 283 and 285 have created a double bottom pattern with a neckline at 485. The double bottom price target is 685 and aligns with the stock being in wave (5). The invalidation level of this...
See link below for previous analysis. Bidcorp has continued to push higher to new all time highs. An update of the wave count shows the uptrend is at a very mature stage but can still push higher in the fifth and final wave of wave C of (5). I opt for caution at such stages of the trend.
See link below for previous analysis. Wave (C) is proving to be more extended to the downside. I have updated the wave count and moved wave 3 of (C) to the 12350 bottom followed by a flat pattern for wave 4. Wave 5 is currently unfolding and looks impulsive so I am expecting further downside in the short-term. Short the rallies is the strategy. There is still a...
See link below for previous analysis. Little has changed since the last analysis. The move from 8113 to 6347 unfolded in three waves. Buy the dip long positions should use 6347 as an invalidation and stop-loss level. The double top outlook is still valid and will only be invalidated by a break above 8113.
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...
See link below for previous analysis. Foschini seems to have found a bottom at 8100. The big bear market from 16688 has unfolded in a classic zig zag; Wave (A) is a simple impulse. Wave (B) is a running triangle. Wave (C) is an ending diagonal. The move from 8100 looks to be forming a leading diagonal. After five waves are complete in the leading diagonal, I...
See link below for previous analysis. After the 49% complex decline from 24225 to 12325, Mr Price seems to have reversed the trend. The inverse head & shoulders has been followed by a sequence of higher highs and higher lows. The trend now looks more bullish but 12325 remains the key invalidation level.
See link below for previous analysis. Pepkor held above 1330 and though it initially looked as if the move would be a powerful impulse off that low, price has trended upwards in a very choppy manner. I am looking at the advance unfolding as a leading diagonal so I am expecting more choppy price action in the short-term. The overall trend is still looking...
See link below for previous update. Adcock did not take off on the good interim results in the last update. The technical picture is still the same and the stock has advanced very little in just under a year. I am neutral on this stock as it is clear overlooked by the market and its price action is very choppy. The stock is still displaying upward trend...
See link below for previous analysis. Old Mutual has not taken off as I expected, well, given the fact that I had not looked at the fundamentals. The stock has steadily grinded from 921 to peak at 1344 cps before pulling back to 1115 cps. The Elliott Wave pattern formed by five overlapping waves is a leading diagonal for wave (1). If wave (2) is complete then...
See link below for previous analysis. Aspen reached the target price of 20400 cps and momentum still looks strong. I will look for dips above 18286 for new long entries