VillageTraderZA

Will the Presidents address change the bullish picture of GRT

Long
JSE:GRT   GROWTHPOINT PROP LTD
We had a golden cross on the stock a few weeks ago. As the stock seems to lead the recovery of the property stocks. Property stocks were amongst the most hit in the COVID-19 crash. Again took the longest to initiate recovery. I suppose uncertainty around dividends from REITs, in light of the COVID-19 lockdowns impact on the companies. Makes it hard for investors to have conviction in the companies.

After the golden cross the stock rallied and pulled back, each time staying above the 50d EMA forming rising bottoms. I’m waiting for a close above R15, and I’ll add to my position on the stock. This picture may be turned on its head after the President moved us to level 4 lockdown.

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