Pick n Pay (PIK) Setting Up a Top

runyamhere Premium Updated   
Pick n Pay price has fallen out of the rising wedge and has made several attempts at re-entry without success. Now watching price action into ex-dividend date likely to result in a top & see price move downwards.

The downward pull is expected to drive price to or below the blue trendline. If price goes below the blue trendline & goes lower than 27 September it opens a bigger door to testing the R43 level into March/April 2023.
PIK came close to the blue trendline & is showing a reaction from there. We can now draw a declining trendline from 18 October 2022 through 28 November 2022 as near resistance. If price is rejected on that resistance & goes below 19 December we can be confident of a larder drawdown coming much faster.
PIK went lower than 19 December, then breached the near resistance but was rejected at 18 October through 8 December resistance. It has formed a swing high. Now we expect price to trend downwards and find a bottom in first or second week of February where shorts will be closed & squeeze more profits in a long position.


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