The Foschini Group has been in a long-term uptrend channel. The 200 SMA has defined the oversold condition during this trend. It has again pulled back to the 200 SMA becoming oversold. After an initial strong move I am waiting for a pullback to to around the 17000 level and Yearly Pivot Point on the Daily chart to go long. The target will be overbought conditions at the top of the stride channel.
Comment:
After a low volume week with a pullback to the Yearly Pivot Point I am waiting for some volume to come in and clear rejection to go long.
Comment:
Volume only came in at 16000 with a strong reaction. This is below the Yearly Pivot so need to watch if this will break before going long. The stock has also not show great leadership but is turning up.
Comment:
TFG is still continuing its upward stride. The stock is still staying above the 200 Week SMA. It closed the week below the Yearly Pivot Point but showing some effort (OBV going lower) without response (Price is going higher). So we are waiting for the Pivot to be broken before we could see a continuation of the upward trend.