Original Idea Attached.
Update: Target Exceeded, ST Reduce
Prior to today, the share held the PIVOT for 3 days, which is always our trigger.
Previous comment as follows:
Spar Group: BUY IDEA - Inverted Hammer Candle + Test of 0.618% Fibonacci Retracement Level. Buy/Long Pivot with trigger/confirmation level of 16897c.
LAST = 16666c
LONG PIVOT =...
#SPAR shareprice is showing great weakness:
Consolidation range
SPAR is currently trading within a multi year consolidation range (between white trend lines). However it is trading near the bottom end of this range, already showing some weakness.
Head & Shoulders
The purple line indicates the multi-year pattarn's neckline. If it breaks to the downside, this...
Price has historically traded within SR levels of 16200 - 21100. Price is oversold on weekly chart and has tested the SR level at 16200 and bounced. Looking to trade this range with LT target of 21100. Stock is also oversold. LT price trend is up. Always manage your risk
SPAR bouncing off downward sloping channel trendline + strong horizontal support off the R162,00 level that ahs provided support many times in the last 12 months
reward to risk 1:2
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
Thought we would see a move lower, first, before higher however the share advancing immediately from publication date. Price now above long target level.
Original idea attached.
Unrest in certain parts of South Africa has seen some retailers come under pressure. For some, such as Spar, the restrictions on alcohol have place additional pressure, with investor sentiment souring because of the uncertainty. At the current short term depressed levels or better it may be an opportunity to purchase these shares on the expectation that sentiment...
H&S finally playing out after the choppy price action that followed after the initial neckline break (when I spotted and published the set up).
Price moving towards the 165 TP area.
I seem to be seeing H&S patterns on most charts these days!
Spar seem to be breaking the neckline of such a technical pattern today, as price attempts to close the November 2020 gap.
SPP has bounced of R188 for the last couple of weeks and into R200. The range is still intact with a nice R:R on the trade, entry just above R188 with a stop loss at R187 while first target is R194 and full target at R200.
Spar being punished on the back of results. Trading down into the 190 - 193 area which looks interesting to enter a long position.
Would suggest to drill down into an hourly chart to fine tune entry and look for an reversal in the 190 to 193 area. My upside target will be around 204. Stop loss will be a daily close below 185..
Nice Symmetrical triangle pattern on Spar. The 30w EMA just crossed the 60w EMA. Looking good to break higher. Using the height of the triangle my target for Spar is 28000c. Waiting for a break out through the symmetrical triangle
Spar Group (SPP) | Buyers at R160, but for how long? Trading at the lower boundary of a 5-year rounding top. How long will R160.00 continue to hold? Accumulation/Distribution rolling over. RSI in a bearish regime. A monthly break & close <155.00 opens up ~134.00 to 130.00. Monthly Chart. Last Close: 162.54
Looking at Pick n Pay's implosion today, I cannot see how Spar is going to fare any better. Anyway....From a technical perspective, Spar is reaching overhead resistance at about the 200 day moving average and has often been sold down at these tops which can be seen by the long upper tails that have failed to create new daily highs. So we have gone SHORT ahead of...
Spar Group (SPP)
The price has breached incline support whilst simultaneously losing 8-day EMA. Provisional Levels: Short term accumulation at the most recent lows of 16550-16635. Would look to buy there and sell on a rebound back to 17700c. Stop: 16290c.
Spar Group Ltd. engages in the wholesale and distribution of goods and services to SPAR, SUPERSPAR, TOPS, SaveMor, Build it and Pharmacy. It operates through the following geographical segments: South Africa, Ireland, Switzerland and Poland. The company was founded in 1963 and is headquartered in Pinetown, South Africa.
JSE
