Inverse Head and Shoulders potentially is formeing on Truworths.
Through my experience, this formation might be short as the price action is very strong to the upside.
It might skip the entire Right SHoulder and just head right to the target from the getgo.
7>21
Price<200 But price is so close to the level, it can smell it. If it breaks up, it'll be great for...
Reverse Inverse Cup and Handle formed over the last few months.
Then there was a Rising Flag formation, which is a consolidation period before further downside.
We need the price to break below, to get a stronger sell signal to the downside.
MAs = mixed
RSI<50
Target R40.21
SMC
Buy Side Liquidity (Order Block) formed at the TOP of the handle of the Cup. This...
Truworths has formed an M Formation over the last few weeks.
The price broke below the neckline and now it looks like the next target is in play.
21=7 - Changing
Price >200 - Bullish
RSI <50 Bearish
Mixed view with bearish bias.
Also it seems that the market is not appreciating the Truworths $JSETRU 1H 2023 results.
Revenue R11.73 billion, +14% y/y
Net...
Target reached at R68.24
7>21>200 Bullish
Cup and Handle worked and now we'll await the pattern.
RSI >50
Look, the trend is still up and so we'll need to wait for the next setup.
Truworths is breaking below the distribution trading range (TR) that was started in 2013. We have seen a backup (BU) to the TR and now the markdown is getting going.
