JSE:SHP is trading at a resistance level and if it breaks through, I would consider a long position based on the breakout of the longer term down trend, but if it bounces off, I will go short for a shorter term trade.
But I will wait to see what happens first, before I make a decision.
SHP had a bear trend since Mar 2018.... started moving sideways Jan 2019 to current.
Possible new Support at R166. (Not tested and confirmed yet)
Stong Resistance at R177
Breakout above R177 - R178 and tested may be a bulls breakout indication.
Target 1 - R190
Target 2 - R196
Target 3 - R206
This is just a possible scenario. Any other suggestion will be appreciated
Price has been moving in a descending channel, in a series of impulses and correction, and we can expect prices to continue to move to the downside. There is potential for short term long entries due to an inverse head and shoulders pattern, which is a reversal pattern, but first price has to break the neckline and this will give us confirmation to enter...
Price has been bouncing around the major support zone on the 15m chart being rejected for the third time now, this must be an indication of bulls are trying to push price away from the resistance zone but every time a move away from the resistance occurs it gets rejected by bears in a major pressure shown by the engulfing candle sticks. NB!! double check analysis...
We’ve all seen the latest released SA retail figures and subsequently what it’s done to the local retail company trading updates and financial results. Yes, it’s been bad! But, like my kids always tell their old man: “dad…that’s sooooo last year!!”
I recently published an idea on JSE:WHL...
Elevated valuations, weakening rand; I don't see that gap closing soon.
In case it does, there is a falling 50dma (currently at around R179) on the way which has been acting as resistance (for most of the times) since April 2018.
Shoprite seems to have held the R180 horizontal support level even after results which missed market expectations. Possibly a range trade back to R190 with a 2:1 risk reward ratio. Enter 180, s/l 175, target 190