I’m a bit more optimistic about Redefine, multiple supports and resistance being created. At worst I’m expecting the share price to hover around 340 - 347 and at best(optimistically) aiming for 390, but I’ll accept 360. I’m very optimistic about Redefine and I’m holding on to these until we possibly hit 600 hopefully by August or September.
This is my own view and should not be taken as Financial advice
This chart aged well, even though it has been the leader for volume on JSE the resistance has proven too thought to be flipped
Expecting this share to go below 200 very soon.
If the 197 support breaks we will see a new all time low.
plus side the Monthly and weekly RSI is oversold
I would wait...
Redefine Properties (RDF) - from my research note (Sunday 10 May 2020)
Previous Short, Now Potential Long Reversal Upon Trigger | RDF one of the recent short ideas, with the bear flag technical formation continuing to develop. The price is however nearing the recent lows, which may trigger interest and a potential breach of the bear channel. In addition, Friday’s...
- Monthly chart shows Redefine at levels last seen 17 years ago
- I will be keeping on the watchlist and targeting any sort of bottom in the future weeks to come...
Following the markdown of Redefine Properties (See posts below), we have seen a smaller redistribution trading range (TR). There have been signs of weakness (SOW) with volume increasing on the highs pushing price lower. After an upthrust (UT) and Test, we are seeing price being marked down. This could just be the start of the further markdown.
- Price looks to have found a bottom
- Double bottom + cup/handle pattern
- Volume shows steady accumulation
- TP & SL on chart
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
JSE:RDF formed a massive bearish engulfing candle yesterday which is a top reversal signal. It is not technically at a "top", but it is possibly signalling the end of the retracement. I will consider a short if it confirms lower.
This can't be good for Redefine? A recent break of RDF's long-term resistance line definitely has me worried. With a forward dividend yield (according to Thomson Reuters) of over 12.5% it's looking mighty attractive and the current consensus target price of R9.80 is looking more than just the roof away. It does look extremely oversold (according to it's 14 day...
