Inverse Head and Shoulders has formed with Truworths.
This is definitely not ripe for the picking if we're waiting for this formation to form.
It might even form into something completely different.
But here is my take on it.
The signs are slowly becoming bullish and things are looking good.
7>21
Price<200
RSI>50
Target R69.45
The rand though however needs...
Just before the holiday break, we could see some interest in Truworths - See post link below. Now early in the year, we can see this buying pressure starting the markup with signs of strength - relative large up bar with high volume for this time of year. Will be looking for a push back to R60 - R80.
Truworths has been marking down from a previous trading range at about R75. We are now seeing some accumulation that could be the start of a back-up back to that trading range. We have seen signs of strength throughout this accumulation. After the selling climax, we saw signs of strength (SOS) taking price above the automatic rally (AR) and then being unable to...
Truworths hourly chart (currently 30.50) is rangebound between support at R29 (that coincides with the 200 period moving average) and resistance at R35.
