Improvement today on MSM projected figures.
MSM broke resistance today of R84.21 - Still in the bear band here. (May be new support)
Breaking resistance at R93.10 moves it back in Bulls band - may be a strong resistance
Next resistance after that is at R98.00 and R116.00
Lets see if today's slightly better news can get MSM going again
"On Wednesday the share tested and rebounded off the prior swing lows between 102 and 103.50. This appears to be a range-trading opportunity, with the upside target being the prior highs of 119. " Lester Davids, Trading Desk analyst, Unum Capital.
Keep an eye on USDZAR as this will continue to impact South African retailers.
Massmart: Year-to-date, MSM, along with the rest of the SA retail sector has been under siginficant pressure due to a sluggish out for the SA economy as well as a weaker Rand. Since March 2018, the price is down from a high of R178 sliding to a low of R101 in July. Over the last three months we have seen a base develop, with the price recently starting to trade...