After a strong reaction to their earnings release, it looks like traders are taking some money off the table. Momentum has shifted from over-bought conditions and we can clearly see the sellers are in control at the moment.
To what extent the pull-back will continue is anybody's guess but at just about a 21 PE, I suspect the stock is probably on the expensive side now. Short sellers can look for an pull-back to the 50 Day MA which I currently peg at R420.00 per share. Leave yourself some room for a stop loss at R460.00.
To what extent the pull-back will continue is anybody's guess but at just about a 21 PE, I suspect the stock is probably on the expensive side now. Short sellers can look for an pull-back to the 50 Day MA which I currently peg at R420.00 per share. Leave yourself some room for a stop loss at R460.00.
Trade closed: target reached:
We have taken profit. We did have to to pay in the R5.00 dividend but a good trade nevertheless