$JSESPG - Super Group: Is That A Double Top Forming?
Super Group had a super run from April 2020 to September 2021, tripling in price.
The highs of the 3700 region have been retested three times and the bulls have failed to move price higher.
The last retest in late February 2023 has already pulled back significantly.
Price has also found support at the 2445 region.
The larger consolidation structure looks like a double top formation or a flat correction.
Price is now trading at what I refer to as "no man's land", which is in the middle of support and resistance and where I would not sell or buy.
A clear break above 3700 will invalidate the double top/flat outlook.
Should price trade lower, I will look at price action behavior at the neckline.
All in all, I am sitting on my hands in the meantime.
The highs of the 3700 region have been retested three times and the bulls have failed to move price higher.
The last retest in late February 2023 has already pulled back significantly.
Price has also found support at the 2445 region.
The larger consolidation structure looks like a double top formation or a flat correction.
Price is now trading at what I refer to as "no man's land", which is in the middle of support and resistance and where I would not sell or buy.
A clear break above 3700 will invalidate the double top/flat outlook.
Should price trade lower, I will look at price action behavior at the neckline.
All in all, I am sitting on my hands in the meantime.