Since the last update, we established Pick N Pay formed this M Formation which we were anticipating a break down.
The break down took place and we were initially hesitant as we expected conservative testing of resistances and demand zones.
But the fundamentals caught up to Pick N Pay, and the price continued its slump.
The company is struggling with the...
Rounding bottom or C&H is forming on PIK.
Whichever price breaks up and out of will give a strong buy signal.
Other indicators are confirming upside.
7>21 but price is still <200MA. We can expect the price to move up to rebalance with the 200MA which acts as an elastic.
RSI>50
Target R52.26
Bearish box has formed over the last couple of months with Pick N Pay.
The price broke below the support and made a runaway gap.
This is a gap that runs in the direction and accelerates down the trend.
This is very bearish for the stock
200 >21>7
RSI<30
Target R38.42
