JSE:PIK   PICK N PAY STORES LTD
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.

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