SchalkLouw
Long

Super Group looking Super

JSE:SPG   SUPER GROUP LTD
Over the past year, SPG found support around the R32 quite a few times and always manage to stick. We can clearly the Descending Triangle in the share price movement that developed since the end of 2018 that could be very positive for SPG , should we see a break and close above resistance level at R36. This coincide quite nicely with its 200-day moving average as well. The share price currently find itself in extreme oversold according to its 14-day RSI . It has also heavily underperformed the $JALSH over rolling 12 month period. Should these current support levels (at R32) break, support should only be found at R29.40 again (which if I was a short-term trader, will also act as my stop-loss). Should SPG recover from current levels, could see the price test the 50-day moving average at R35 (my first target), with R36 being major resistance level . The current Thomson Reuters consensus target price on the company is R42.10.
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