$JSETRU run has come to halt, following other Retail names in this session.
It has now b/o on 3 occasions in the C&H formation but failed in each of the attempt
A close above 5625 (Upper trend line) is still +ve and failure could see if retrace back around 5585 before breaching the lower trend line (5441)
Truworths is breaking below the distribution trading range (TR) that was started in 2013. We have seen a backup (BU) to the TR and now the markdown is getting going.
We may derive the following from the Weekly TRU chart:
1. Price is still declining rapidly.
2. A weekly support and long term low is approaching.
3. Price i.m.o should find a few bids at that level.
4. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
JSE:TRU has broken through and is busy confirming a downward move with today's price action. We could be looking at a nice downward move it continues downward today.
Truworths ‘invalidating’ the bearish rising wedge pattern which had formed,by breaking to the upper side of the wedge pattern.
Just above the wedge pattern, we have horizontal resistance just below the R78 mark, and we look set to close above that resistance level.
Rand is still weak, most SA inc. stocks pulling back today, but Truworths seem resilient...
Yesterday we closed below the incline support going back to November 2016.
50 and 200 day moving averages pointing down.
I'm monitoring for a 'Short' around R73/R74; provided the broken support can act as resistance 1st.
Truworths International Ltd is an investment holding and management company. The Company's segments include Truworths and Office. The Truworths business operates primarily in South Africa and has a retail presence in approximately eight other African countries. The Office segment operates principally in the United Kingdom, with a store base in Germany and the Republic of Ireland. The Company is a fashion apparel retailer in South Africa offering clothing and footwear for ladies, men, teenagers and kids across a diversified portfolio of its own exclusive brands. Its brands include Truworths, Truworths Man, Daniel Hechter, Inwear, Identity and LTD. Its Truworths Elements offer a range of international skincare, cosmetics and fragrance brands. Its Truworths Jewelry offers a selection of international watch and sunglass brands. Its Truworths Ladieswear Emporium offers a range of fashionable leisurewear, formalwear, eveningwear, lingerie, shoes and accessories designed for women.
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TRU
