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Sep 2, 2021 10:13 AM

SHP - Short Term Perspective 

SHOPRITE HOLDINGS LTDJSE

Description

Shoprite SHP, 18083c

Earnings due Tues, 07 Sept. The last two reports saw the share price rally then retrace. At current levels, we have had a strong run and technically I am expecting a consolidation following the move from ~15700c to the high of 18400c. It is also possible that the price 're-tests' the breakout level before continuing it's advance. Note the MACD nearing a negative crossover, similar to the ones seen in Sept-2020 and April-2021. Technically, fresh buying preferred sub-16800c.

Most recent trading long at ~R158 and portfolio long at just above R100 in July 2020.

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