We might see CFR pushing down after breaking that last high, that move would be looking for a nice order block below to rest on before pushing high
Ticks on both ends, erratic price action. It's the closing price that matters. Decent results from JSE:CFR earlier this week.
After breaking through resistance level at 25083, Price reached new high today, However still within the same range. Waiting for next daily candle to confirm either a stronger push to the upside or we could experience a price rejection.
JSE:CFR reported an 8% increase in sales. In a previous post we mentioned that JSE:CFR was at a 52 week high but we wanted to see a bit of consolidation. There's some consolidation there to tuck in a stop loss when taking a long position.
JSE:CFR has reached a previous resistance level. The run up has been impressive; ideally I would like to see a brief consolidation before a breakout but we gotta respond to price action not to our wishes. Price action pays.
Richemont continues to be resilient in the current market climate and is pushing its all time highs... I will be watching to see how it ends the week.
Bull cycle complete, now it's correcting. The market moves in cycles/waves, Impulse and Correction.
I believe the stock has completed wave B of a zigzag Correction. It closed the week with a Dragon Fly doji at 161.8% Fibonacci ratio. We have 5 sub-waves on Wave A, 3 sub-waves on wave B and I'm anticipating 5 waves down to complete wave C.
JSE:CFR has tried to retest the recent breakout level. The stock is now attempting to break above the recent high. It can be a decent place to add to en existing position, or to establish one near the breakout level.
Profit target 1 Reached for Richemont at R205.65 There is still a strong Bullish bias, but we'll have to wait for the next pattern to form. The JSE Santa Claus Rally is premature but we are loving every second of it. Let's hope it continues after a trying couple of months.
Richemont price has been making lower highs with resistance from August, price has formed a rising wedge. On the hourly chart price is showing oversold and can be expected to rise with lower trendline giving support for a brief period. If price reaches the resistance line & rejected go short, alternatively if price breaks below the support line of the wedge....
Short formed W Formation This is where the Right rounding bottom is higher and makes higher lows than left rounding bottom. The RSI is above 50 and has broken its downtrend. Target R205.60 to begin with... Do you agree?
Retraced to find support at the 61.8% Fibonacci retracement zone + clearing upper boundary of short term channel + reclaiming near term moving averages + 14-day RSI just above the 50 level. Please note: Earnings on 11 November creates an 'event risk'. Preferred Entry: Currently ~18015c Stop-loss: 17350c Target: 20200c Initial recent long was below 15000c in...
CFR has broken down from a consolidation box and looks to move lower down to the R178.00 level
Another one of my recent calls that reached TP target in the last couple of sessions. *Original idea attached below.
Richemont looks like its setting up for a potential short term move to 200.
CFR tested the upper resistance of its 7 month downtrend Channel last week Wednesday at the R175.00 level
A head and shoulders pattern has formed on JSE:CFR . The neckline is ascended slightly, but I think it has a fair chance of playing out. The target is down at the R89 level.