What was a low probability trade has turned into an extremely high probability trade.
The H&S broke below the neckline.
We then had all other signals kick in bearish.
21>7 - Bearish
Price < 200 - Bullish
RSI<50 - Bearish
Target can easily be R11.88
Growthpoint has moved up nicely off its support zone and is facing the first 2 hurdles 200/50 moving averages.
I will add to the position on a successful capture of R13.50
H&S formed on Growthpoint.
The price broke below the neckline.
But the price still has one major barrier to attack.
the 200MA... As soon as price breaks below, the trade will be more likely to work out.
Right now the price is retesting the neckline giving a potential conservative entry point for shorters.
21>7 - Bearish
Price> 200 - Bullish
RSI<50 - Bearish...
Growthpoint properties is still making Higher highs and higher lows within its longer term bullish trend
R13.85 has been support since December last year and bulls can look to push higher as long as this support remains intact,
(GRT also gives a 9.11% annual dividend which is always nice for a long hold)
The share price of GRT has been in a bear trend for over seven years.
Dividends from REITs help sooth the pain of capital losses from declining share prices.
The price pattern from the May 2013 peak to date looks like a flat pattern labelled ABC.
I have tentatively labelled the C wave but price action from the March 2020 low fits the wave iv triangle pattern which...
A price action above 1246 supports a bullish trend direction.
Crossing below this level will negate the bullish stance.
Further trend support above 1280.
Consolidation range from 1264 to 1298. Crossing above 1298 might target 1350.
Remains a rsiky trade.
Below 1484 supports a bearish trend direction.
Testing its 200-day simple moving average.
RSI leaves enough room for further downside price potential.
A peak in the recent upside price momentum acts as an early warnings signal for weakness in the price action.
GrowthPoint Properties formed an inside year for 2021 , range R16.10 - R11.36
Bullish case will be a break of R16.10 to trade towards R22.50
Early entries and risk management can be done on the smaller Monthly/Weekly/Daily charts
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
We had a golden cross on the stock a few weeks ago. As the stock seems to lead the recovery of the property stocks. Property stocks were amongst the most hit in the COVID-19 crash. Again took the longest to initiate recovery. I suppose uncertainty around dividends from REITs, in light of the COVID-19 lockdowns impact on the companies. Makes it hard for investors...
A nice channel is developing, but it must break above R15 to give me confirmation that it is still in an uptrend.
It's at a major support level now (14) and if it breaks lower then I believe R13 could be tested.
If it breaks lower that should be fine as long as it doesn't confirm a new lower low - I want to see it above R13.20 for me to feel confident.
My stop...
