A consolidation triangle "a;b;c;d;e" has formed and got broken out, now we either enter at the current market price and have our SL around 18369 and TP around 21319. This is also due to the bigger triangle forming with the previous low being currently a strong demand.
I'm seeing a descending triangle pattern in play on the Daily chart. A convincing close below R179/R180 could expose the R165 area.
JSE:SHP is looking good for a short position. The MACD as well as the Stochastic are pointing downwards. The Exponential Moving Averages have also crossed in a downward direction. We can expect this to continue downward until it reaches support at around the 18000 level.
Shoprite hasn't had the best year. In March it created a high of R281.90 and then proceeded to crash all the way to R174.50. Interestingly enough however, Shoprite has created a cup-and-handle pattern over the past two months. This is a common bullish pattern and indicates a change in trend. If you look at the chart above, you can see how Shoprite formed...
JSE:SHP Making triangle pattern. Wait for break and trade in the direction of the break
Chart says it all. I'm looking to short the next bounce. Analysis based on the weekly data. All indicators still pointing lower. Risking 2% of portfolio
Following the Wyckoff logic Shoprite is ready to start to be marked up in Phase E. Following a backup to the trading range buyers have stepped in around 20000 to 21000. Looking for a markup to break previous highs.
From a fundamental perspective, I see SHP as a buy. This year has been hard on SA consumers so far. With an increase in tax, SA consumers are left with a lower disposable income. Inflation is going up, so are interest rate. Never the less, food remains a necessity and therefore we remain confident that food remains a good investment in times of financial...