Since the last update, Shoprite shot above the neckline of the Inverse Head and Shoulders.
Since then, it's been rocketing to our first target. As long as the JSE ALSI continues its medium term upside and the retailers continue to move up - there is no stopping this one. Other indicators confirm. 7>21 Price >200 RSI>50
Target remains at R257.00
ABOUT THE COMPANY
Origins: Shoprite originated in 1979 in South Africa, starting as a chain of eight supermarkets in Cape Town.
Growth: Shoprite is now the largest supermarket retailer on the African continent.
They operate in 15 countries across Africa and the Indian Ocean Islands.
Headquarters: The company's headquarters are in Brackenfell, Cape Town, South Africa.
Brands: Shoprite Holdings operates several well-known retail brands, including Shoprite, Checkers, Checkers Hyper, Usave, OK Furniture, House & Home, and more.
Services: Apart from retail services, Shoprite also provides financial services, such as money transfer, ticket booking, and payment of utility bills.
Employment: Shoprite is a significant employer in Africa, providing jobs to tens of thousands of people.