An update on the related idea dated 29/03 (see attached).

Yesterday, JSE consumer staples showed relative strength versus consumer discretionary.

- PIK (5727c) is breaking to the upside of a 12-month rounding bottom which also includes a smaller inverse head and shoulder as well as a pennant . The 5700c to 5730c level is looking to be cleared and should be held to trigger a buy/long.

- Year-to-date, we the share has made a series of higher lows while the RSI is in a bullish regime with a 62 reading.

- Temporary failure below 5518c

- Target Range: 6180c-6340c

- The share does appear elevated on a fundamental basis (PE of ~24x) however the price action is strong.

Related Ideas


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.