One of the big finishers of the week, Redefine posting 20% increase. And in the week to come we can only hope that the rise continues. In the year they have shown strong potential to rebound and their previous blow was a certain investment property coming back to haunt them when they least expected it. Redefine is a confident pick to back for recovery as they have...
It's still a bit early to call a c&h formation however we're currently above the 200 EMA and if it continues on this trend and breaks through the resistance levels up until Feb 2021 (dividend payout date) this is a likely scenario
RDF seem to be lagging the sector.
Solid base established between 200 & 220
Downtrend broken.
Volume increasing and price above 10ema
Weekly close above 10ema would confirm long idea
250 would be break of the consolidated Box it was trading in
Potential targets: 350, 400 and gap close at 450
Disclaimer: This is my personal view and opinion and should not be...
RDF curently moving within a consolidating area, with boosted optimism around the vaccine and global investors appetite shifted towards risk on, we could indeed see a break of the 240 resistance (50 day ema) and enter into a long position. This would signal a new uptrend
Although RDF and SA property have been struggling post lockdown I do think there is some lagging behind and a 'bottoming out' that has taken place. I like the 200 level here and has great risk reward opportunities. 192 as a tight stop.
Would not be buying Redefine yet as it is currently trading at an especially important support line. We can see a clear Bearish Flag pattern. According to DailyFX.com a Bearish Flag is:
Identifying a bear flag can be easy once traders understand the components, and this is applicable to all financial markets. The pattern itself is divided into:
1. Traders will...
My view is still bullish here and the target area is 409. Market is currently at a resistance zone and may drop to retest support at 285 for an opportunity to buy, then advance to the upside to target profit taking price.
With the company working hard to sort out its balance sheet with 2 disposals in recent days, the market might be feeling a little more comfortable regarding their ability to sort out their debt and reduce the loan-to-value ratio. Technically the chart looks good putting in higher lows since bottoming out and the break of the recent horizontal trading channel...
