Inv H&S has formed on The Foschini Group.
It's potential and there are two scenarios.
One the price just rallies with the rest of the JSE Retailers and goes to R120.
Or two, it could hit the top of the downtrend, consolidate align and then break up and out of it once there are strong buying troops and demand.
Either way, the signs are good for upside since it...
Medium term downtrend has been evident over the last couple of months.
It's been a haven for trend traders.
These are the ones that go short and trail their stop losses as the market goes further down.
200>21>7
RSI<50
Target R68.45
Bullish Scallop formed recently on TFG.
This coincides with a breakout to the upside from the continuous downtrend.
Now that we have had a break above both, shows momentum is setting itself for more upside.
Other indicators confirm upside to come.
7>21 MA
Price<200
RSI >50
Target R112.02
SMC
Bearish FVG formed (Arrow) this is where two candles prices do not...
Inverse Cup and Handle formed on The Foschini Group.
We then had a major break below, showing that the supply side was dominating the market.
We have other confirming indicators of downside to come.
200>21>7 - Bearish
RSI <50
Target R89.50
ABOUT
The Foschini Group (TFG) (Founded in 1924 as a men's outfitter store by Jewish immigrant, Samuel Foschini.) is a...
Broken out of downtrend since September 2022
Cup and Handle has formed in the interim (with the handle in play).
We just need to wait for a breakout to the upside
7=21 but looks like it wants to cross up.
RSI>50 - Bullish (Good)
Target R140.24
General Info:
The Foschini Group (TFG) listed in 2002 on the JSE is a South African retail company founded in 1925...
