After an insane run up and beautiful trade, Tigerbrands has now reached it's peak and has formed an M Formation.
We thought the price was going to close below and open below th neckline.
Instead there was a largeish exaustion gap.
An Exaustion Gap is a gap in the price where no activity took place due to the fact that the current trend (upside) is exausted...
Rev Cup and Handle has indeed formed on Tigerbrands.
And it looks like the buying and demand is on point. However, this is a very aggressive buy point which does not work with my trading demeanour.
It looks like this share price rally was fundamentally driven with the CEO stepping down.
Tjaart Kruger will replace Noel Doyle as the CEO starting 1 November,...
M Formation has formed on TBS.
This is from the prior downtrend showing difficulties for the company.
Now that the price has broken below, there is a higher chance of the market to drop.
200>21>7 Bearish
RSI<50 - Downtrend momentum.
Target R130.00
CONCERNS: If the JSE ALSI 40 rallies to new highs and breaks out of the Broadening formation, it might slow down...
Inverse Cup and Handle formed on Tigerbrands.
We were waiting for a break down out of the brim level, but alas we never got the entry level.
Instead it gapped down and is already on its away to the target.
It was a missed opportunity but we couldn't do anything about it.
200>21>7
RSI<50
Target R134.44
SMC: Buy Side Liquidity Order block formed above the...
CHALLENGE TRADE UPDATE:
Tigerbrands (TBS)
TAKE PROFIT REACHED
After a long hold of almost 2 months, Tigerbrands reached our take profit price at R219.05.
I was a bit hesitant considering the global chaos and downside that has come down on the markets. But I guess because Tigerbrands is less connected offshore, is the one of the reasons why it's wings were not...
Large Tripple Bottom
There are also two Cup and Handles formed in the recent past.
Now that price has broken above both Brim levels it's looking bullish.
RSI> 50 and above the downtrend line.
Target R219.05
CONCERNS
Liquidity is low and it causes spikes in prices.
Such a large formation, can sizzle out the price move and it can continue sideways for the next...
The share price of Tiger Brands has just broken out of a descending channel, awaiting a possible retest.
If the breakout is confirmed, the price could be heading for the resistance above, which is the target.
Good luck!
Tiger brands has once again tested the critical R240 support and held so far today. If it can get some legs we could perhaps see a move back to R290.00. Ex dividend today and unbundling of OCE which will explain most the weakness seen today
JSE:TBS has been trading in a sideways channel since early November last year.
It is currently at the bottom of the channel and seems to be bouncing off.
We are aiming for the resistance level at the top of the channel.
We have a head and shoulders pattern forming over here, the shoulder is also giving us a bullish flag so we must watchout for the breakout off the flag for perfect and safer entry towards the previous gap at the 32672 area or above.
