As per the monthly chart, it should be noted that the Relative Stength Index has entered a bearish regime, with a print of 44 at current levels while the bearish divergence warns of long term downside.
A classic Head & Shoulder Formation with a neckline around R197. Should the weak consumer environment continue, expectations for much of the upside to be capped or priced in given recent decent set of results. A material break below the neckline, could initiate a move towards R182 support levels. A move above R206 potentially invalidates this setup
- Bearish break below 200ma - Head & Shoulders neckline break - SL above R206 - MANAGE YOUR RISK - Disclaimer: All ideas are my opinion and should not be taken as financial advice. JSE:SPP
Equities Local | Spar Group | It's the bearish candle structure that causes me to be weary of aggressive positions in this name. In fact, a possible head and shoulder formation that has been building since 22 October could see the consolidation break to the downside. Buying support over the period has been 19543 however a loss of this level would see selling...
SPP better than expected results possible change to trend
JSE:SPP has, with today's movement, broken through highs that it has struggled with three times in the recent past. If it closes above thes levels and confirms a higher high, we could be looking at a nice upward move.
JSE:SPP Breaking from inverted head and shoulders target 22500/23000 area.
JSE:SPP Chart to watch next week is $JSESPP Inverted head and shoulders. Break above 19700 (or there about) would open potential target around 23500 give or take.
SPP As expected Spar has bounced i however was expecting a short Rally I will see what the markets do by closure today
JSE:SPP is looking like it is reversing again. A bearish harami was formed and it is being confirmed by the stochastic.
SPP long trms indicator H&S and breakout of TR to the downside with daily confirmation as well
SPP weekly data shown Double top within a H&S movement more downside expected.
JSE:SPP has formed an engulfing candle at a strong support level. We could possibly be looking at an upward move from here
SPP has confirmed short breakout i will nibble some more
JSE:SPP Testing support in 18000-18100 area. Break bellow will probably open 16500 as next target. With second target around 15000.
JSE:SPP is trading in a descending channel and has just bounced off of the top resistance level. We can expect a downward move towards the bottom of the channel or around 17780.