Prosus Price Target Set at Channel's Bottom: Eyeing the 390 Mark
Prosus N.V
1. Price Formation: The price has broken out from an inverted Cup and Handle price formation on a daily chart within a rising channel.
2. Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a sign indicating short-term bearish momentum.
3. 200-day Moving Average is above the Price.
4. Thus, Mas 7<21 < 200
5. Relative Strength Index (RSI): The RSI is <than 50, indicating bullish momentum and potential further upward movement.
6. Price Target: to the bottom of the channel at 390
The company
Prosus N.V. is a global consumer internet group and a technology investor. It operates various platforms and services in more than 90 countries. Prosus's investments focus on sectors such as online classifieds, food delivery, payments and fintech, e-tail, and others.
The company was created in 2019 as a result of Naspers, a South African multinational company, spinning off its international internet assets into a separate listed entity. Prosus is listed on the Euronext Amsterdam with a secondary, inward listing on the Johannesburg Stock Exchange (JSE) in South Africa.
The connection between Naspers and Prosus is significant. Naspers remains the majority shareholder in Prosus, which means that any major decisions or changes in strategy at Prosus will likely involve Naspers.
1. Price Formation: The price has broken out from an inverted Cup and Handle price formation on a daily chart within a rising channel.
2. Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a sign indicating short-term bearish momentum.
3. 200-day Moving Average is above the Price.
4. Thus, Mas 7<21 < 200
5. Relative Strength Index (RSI): The RSI is <than 50, indicating bullish momentum and potential further upward movement.
6. Price Target: to the bottom of the channel at 390
The company
Prosus N.V. is a global consumer internet group and a technology investor. It operates various platforms and services in more than 90 countries. Prosus's investments focus on sectors such as online classifieds, food delivery, payments and fintech, e-tail, and others.
The company was created in 2019 as a result of Naspers, a South African multinational company, spinning off its international internet assets into a separate listed entity. Prosus is listed on the Euronext Amsterdam with a secondary, inward listing on the Johannesburg Stock Exchange (JSE) in South Africa.
The connection between Naspers and Prosus is significant. Naspers remains the majority shareholder in Prosus, which means that any major decisions or changes in strategy at Prosus will likely involve Naspers.
Trade closed: stop reached:
it turned to upside and hit my stop loss. it ended up in a loss but it is part of the bussiness as long as you limit to an acceptable risk.