$JSEDCP looking for a daily close above 2615 with immediate resistance at 2650 (Falling trend)
Dcp is already trading at levels pre that shocker after hour trading update last Friday. Also facing significant horizontal and downward trend line resistance around the R24 area. Confirmation of a break above R25 will invalidate the downward trend in place and ultimately invalidate the short setup
Following the downward stride (See post below) Dis-Chem was testing the overbought line. Some selling volume was noticed and today there was effort and response pushing the price down.
Dischem Pharmacies is struggling to break back above the support zone of 2411c to 2430c. This level is now turning into a resistance zone while the downward trend line going back to the peak of 27 November 2018 is also serving as a resistance level . The RSI is rolling over, also losing support. Adding to the short term bearish setup is the 200-day MA which is...
Dis-Chem has been following a downward trend channel. It is currently at the overbought line which is also a backup to the previous breakout level. With some volume in the rejection of 2400 level Dis-Chem is set to continue the downward stride.
DCP is attempting to break the neckline of a 3 month inverted HS pattern. wait for the close above R24.00 for confirmation. RR: 1:1.5
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Stop loss will be triggered if this fake break proves to be correct by day end.
If it can maintain momentum from this flag breakout 3000 could become a target.
Bull flag break could result in the 2nd target just shy of 3000 to be reached. Results could be the break trigger. If not in a position yet, wait for the break.
Dischem is breaking out of a 3 month consolidation pattern. If it can maintain momentum above the consolidation pattern the targets are 28 & 30 respectively.
Dis-Chem has started a long term and large Trading Range in June 2018. The range boundaries have been set in Phase A between R24 and R35. After a Selling Climax (SC) and Automatic Rally (AR) we have now seen a Secondary Test (ST) of the SC lows. A small TR has now formed at this support and we have seen a Spring. We are now expecting a markup out of the small TR...
Dis- Chem going bullish for today, Im only looking to buy to my TP at the 2832 zone.
JSE:DCP Published results today and market didn't like them. Making bearish flag.
I previously missed entry for a short trade when the price broke to the other side of R28. On the daily chart, price seem to be consolidating again for another move lower. With a trading update due in the 2nd week of February, I'm monitoring the R26 area for possible entry into a short trade.
Last Thursday (17 Jan) we saw the price break the support on the bear flag which had formed on the daily chart. With a Trading update expected in early February (which I'm expecting to be bad) I'm expecting further downside. I'm calling a short on DCP on a restest of the breakout level around R27.50. A price of R28.50 will be my signal to get out.Take profit target is R25.