Timonrosso

TARGET HIT City Lodge hit the target at R3.71 but I'm not happy

Short
JSE:CLH   CITY LODGE HOTELS LTD
Bear Diamond Pattern formed on City Lodge a few weeks ago.
We then had a strong break down, which showed a big collapse to come.
We set our target at R3.71 which many traders thought I was crazy.
I told them I hope I am wrong, because I don't like when companies drop in value who offer great value to customers.
But the charts showed downside and I couldn't be biased.
The target hit and unfortunately, we still see downside to come.
I'll be waiting for the next formation in the meantime.

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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