UPDATE -Richemont: A Head & Shoulder Price Pattern Analysis

Sahle Updated   
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 goods holding company based in Switzerland. It is one of the world's leading luxury goods companies, specializing in high-end jewellery, watches, fashion, and accessories.
The company was founded in 1988 by South African businessman Johann Rupert and is listed on the Swiss Stock Exchange.
Richemont owns a portfolio of renowned luxury brands, including Cartier, Van Cleef & Arpels, Montblanc, IWC Schaffhausen, Piaget, Jaeger-LeCoultre, Vacheron Constantin, Panerai, and Chloe, among others. These brands are known for their craftsmanship, design excellence, and heritage.
The company operates through several divisions, including Jewellery Maisons, Specialist Watchmakers, and Other Businesses.
The Jewellery Maisons division encompasses brands specializing in fine jewellery and luxury accessories, while the Specialist Watchmakers division focuses on high-end watch brands.
The Other Businesses division includes various luxury fashion, accessories, and online retail businesses.
Richemont has a global presence with operations in Europe, Asia Pacific, the Americas, and the Middle East.
The company's products are sold through a combination of directly operated boutiques, authorized retailers, and e-commerce channels.
As a leading luxury goods company, Richemont places great emphasis on quality, craftsmanship, and design innovation.
Its brands cater to discerning consumers who value exclusivity and exceptional quality. Richemont's commitment to sustainability is also evident through its initiatives to promote responsible sourcing of materials and ethical practices within the luxury industry.
The company's financial performance is closely watched by investors, as it serves as an indicator of the overall health of the luxury goods market.
Richemont's success is often tied to global economic conditions, consumer confidence, and luxury spending trends.
Trade closed: stop reached:
it hit the adjusted stop loss and was profitable. It has shown a new pattern developing for a bullish momentum.

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