Woolworths has reversed off its bottom channel of relative strength vs. Truworths. RSI and MACD relatively depressed and should start to turn up. With the current state of the economy I believe Woollies should be better placed to withstand the economic storm than Truworths which is predominantly more of a 'luxury' clothing retailer. I think Woolies Food component...
Looking to short Truworths between R71.50 and R73.15. Stop loss as a close above R75.50. Target R64.00 - R66.00
Broken uptrend
Under Daily Pivot
Short Term 20 ma turned down
Lower highs on price
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...
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...
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.
- Last week ended with a nice bullish candle with volume
- Possible double bottom has formed
- Aggressive entry will be to go long at current price or wait till price closes above R58.75 on the daily timeframe.
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
JSE:TRU has broken through and is busy confirming a downward move with today's price action. We could be looking at a nice downward move it continues downward today.
There is no magic crystal ball here. Whether you are on the daily timeframe or 4-hour, the stars are aligned baby! The price for this stock is moving in a clear range with the support at 15 760 and the resistance at 17 825. Now we can see a bearish candle start to form at the top, and a second closure of a bearish candle will likely be my trigger for the trade. A...
I will tell you off the bat that I am bearish on the whole retail sector and already have a short on Shoprite (SHP). Looking at Truworths now, it looks like the rally is fading with the price now heavily over-bought and some negative divergence creeping in on the RSI.
TRU is approaching a short term resistance point which I think can be shorted for a move back...
