Firstly expecting to continue trending upwards if the starts trading above R1800-R2000.
This is one company that seem to be resilient and functions in bad time because of how big the name is what it means to the people. Looking at Pick n Pay , fundamental it looks like it far fetch for it recover but it is one of the staple names in South African households. In...
With the uncertainty looming around with elections happening this year in May it is best to wait until the everything settles, Pick n Pay still has customers who are or might be still loyal to the brand because of what it delivers and their smart shopper systems which people have and understand. The share price has been falling due to working conditions like heavy...
Pick 'n Pay, a major player in the retail grocery chain sector, operates 1,858 stores across South Africa and the rest of Africa. The company, established by Raymond Ackerman in 1967, underwent significant revitalization under CEO Richard Brasher from early 2013 until his retirement. Brasher's leadership marked a pivot towards centralizing distribution and...
CFD trade on Pick and Pay has reached its target with profits, the current technical analysis suggests that the stock may continue to exhibit bearish tendencies. However, it's important to remember that market conditions can change rapidly,
Pick and pay
Pick and Pay's Market Outlook: From Descending Triangle to Bearish Sentiment
1. Price Formation: The price has broken from a descending triangle (An inverse Cup and Handle confirm bearish sentiment) price formation on a daily chart.
2. Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a positive sign indicating short-term...
The stock has been hammered from the recent earnings release and the picture continues to look bleak on the chart.
Short term resistance is at R27.50 ... only a daily close above might give bulls some relief to attempt first gap close at R29.55
Below Supports are at R25.00 and R23.60
Staying away from longs until picture becomes clearer.
DM me for any...
Since the last update, we established Pick N Pay formed this M Formation which we were anticipating a break down.
The break down took place and we were initially hesitant as we expected conservative testing of resistances and demand zones.
But the fundamentals caught up to Pick N Pay, and the price continued its slump.
The company is struggling with the...
See link below for prior analysis.
Pick N Pay released arguably one of its worst 26 week trading results today and the market was not happy.
The rehired CEO stating that it may take two years to turn things around shows just how gloomy things are at the company.
Technically, there hasn't been any signs to be enthusiastic even before the announcement of the...
Pick 'n Pay (PIK) is a retail grocery chain with 1858 stores, mostly in South Africa, but also in the rest of Africa. The company was started by Raymond Ackerman in 1967 and became the dominant grocery retailer over time, before being displaced by Shoprite/Checkers. Pick 'n Pay was in a slump when Richard Brasher took over as CEO in early 2013. Since Brasher took...
Pick and pay
Pick and Pay's Market Outlook: From Descending Triangle to Bearish Sentiment
1. Price Formation: The price has broken from a descending triangle (An inverse Cup and Handle confirm bearish sentiment) price formation on a daily chart.
2. Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a positive sign indicating...
Pick 'n Pay (PIK) is a retail grocery chain with 1858 stores, mostly in South Africa, but also in the rest of Africa. The company was started by Raymond Ackerman in 1967 and became the dominant grocery retailer over time, before being displaced by Shoprite/Checkers. Pick 'n Pay was in a slump when Richard Brasher took over as CEO in early 2013. Since Brasher took...
A price action above 3370 supports a bullish trend direction.
Increase long exposure for a break above 3770.
The target price is set at 3990 (the 78.6% Fibonacci retracement level).
the stop-loss price is set at 3400.
The trade idea is classified as a counter-trend strategy.
Some bullish divergence notable.
A review of the big bear market that started in 2016 looks to be unfolding in a triple zigzag pattern.
Wave (Z) should also unfold in three waves and could see price breaking below the lower channel support line.
I am still bearish on the stock based on poor fundamentals and strong competition in the sector.
I will sit on my hands as i am not interested in...
Rounding bottom or C&H is forming on PIK.
Whichever price breaks up and out of will give a strong buy signal.
Other indicators are confirming upside.
7>21 but price is still <200MA. We can expect the price to move up to rebalance with the 200MA which acts as an elastic.
RSI>50
Target R52.26
We have previously laid out a plan for a short entry on PIK (see linked idea), now we are in a range of taking profit & looking to go long. Ideally the following must give confidence in a bullish reversal:
1. Price forming a swing low on the daily time frame.
2. Price closing above the green resistance line.
Closing above the 10 day moving average would have...
Downtrend has been forming on Pick n Pay since 8 Dec 2022.
It's been a difficult period for retailer and looks like there is more downside to come.
200>21>7 - Bearish
RSI<50 - Lower highs
Target R23.20
Apart from its distribution channel issues, I think the weakening rand is the main culprit for retailers downside.
There are a few fundamental reasons...
