SHP

Continuation Sell? The share is developing a bear flag technical formation which is triggered either (1) on an immediate break below 21100c or (2) on a breached of the incline support i.e. lower boundary of the bear flag structure. The current consolidation is on the share’s 200-day moving average (SMA) which raises the risk of a break below the SMA and a moderate acceleration of the recent downward trend which commenced in the fourth week of April. I also note the price being rejected at it’s declining 50-day exponential moving average, which acts as a guide over the medium term. In addition, the share is possibly developing a head and shoulder (bearish) technical formation. Note: I previously called a short/sell in the mid-240s in the first half of April while I also called for a countertrend buy/long at 205 and re-sell should it have traded in the 22600c-23100c range.

TRADING LEVELS:
Selling: 21283c-21380c or on a breached of the incline (lower boundary of bear flag structure)
Target: 19300c
Stop-loss: 22140c