Outperforming it's peers, not only has Capitec printed new highs but is also approaching historical forward PE highs. Valuations are getting stretched. Ahead of earnings, the price does seem to be finding some resistance at very overbought levels. For the life of me, I can't understand the current price and can't fathom where investors see value at current levels. Maybe reality kicks in after earnings and sanity prevails. There is some technical support at R2200 but I wouldn't be surprised to see it much lower. So if you can find some scrip, pay the premium and short these insane levels. First target R2200.00.
Trade closed: target reached:
In fact, Target exceeded !