UPDATE Redefine hit R3.20 Target and could turn up from here

We based the short trade off a Symmetrical Triangle.

The price broke below and then took quite a while, but eventually hit the target at R3.20.

Now there is a new Cup and handle formation in the process. The 7 has crossed above the 21MA and there is a higher low creating an uptrend.

We need the price to break before we can expect a relief rally to the 200MA to R3.90.

ABOUT THE COMPANY

Redefine Properties is a real estate investment trust (REIT) based in South Africa.

It was founded in 1999, making it one of the older established REITs in South Africa.

Redefine Properties' portfolio included a diverse range of primarily commercial properties, such as offices, retail spaces, and industrial properties.

The company has made significant investments outside of South Africa as well, with assets in Australia, the United Kingdom, and Poland.

Redefine Properties managed assets worth over R90 billion.

Some of the properties include:

Rosebank Towers. Jozie.

90 Rivonia, Sandton, Johannesburg.

Mall of the South, Johannesburg:

Centurion Mall, Centurion:

Matsulu Shopping Centre, Mpumalanga: