Lester_Davids

Dis-Chem Pharmacies - Failing To The Trend

JSE:DCP   DIS-CHEM PHARMACIES LTD
Dischem Pharmacies is struggling to break back above the support zone of 2411c to 2430c. This level is now turning into a resistance zone while the downward trend line going back to the peak of 27 November 2018 is also serving as a resistance level . The RSI is rolling over, also losing support. Adding to the short term bearish setup is the 200-day MA which is acting a resistance level and trending lower. Fundamentally, we've seen high multiples go even higher ( CLS ) but at 28x earnings the share remains highly valued, meaning high expectations.

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