Inverse Head and Shoulders potentially is formeing on Truworths.
Through my experience, this formation might be short as the price action is very strong to the upside.
It might skip the entire Right SHoulder and just head right to the target from the getgo.
7>21
Price<200 But price is so close to the level, it can smell it. If it breaks up, it'll be great for...
Price is firmly above the important moving averages and the recent inverted head and shoulders pattern shows a possible measured move towards swing high of R66
R50-53 will be the zone to defend by the bulls to keep the idea in play.
An inverted head and shoulder pattern is a common chart pattern in technical analysis that signals an upcoming bullish trend after...
Truworths has played out as forecasted previously, link below.
The move from 6990 to 4682 satisfies a five wave impulse to complete wave C.
The move from 4682 has been strong and has broken above wave ((iv)), adding further conviction to the idea that a bottom is in at 4682.
As we know, markets do not move in a straight line so buy the dips above 4682.
Inverse Head and Shoulders has formed with Truworths.
This is definitely not ripe for the picking if we're waiting for this formation to form.
It might even form into something completely different.
But here is my take on it.
The signs are slowly becoming bullish and things are looking good.
7>21
Price<200
RSI>50
Target R69.45
The rand though however needs...
A brief update of the previous analysis, link below.
I am looking at the larger sideways structure from 6809 as an expanding flat.
Wave A and B are large, complex three wave moves but wave C is unfolding as a simple impulse.
Wave C is currently in wave ((v)), its final move and I am looking for price reaction either at 4586 or at the lower down-sloping trendline.
Two alternatives might be unfolding:
Alternative 1:
The price action might approach R1, which is at 5830 and then might extend to the bull target at 6730 (previous high prices).
Stop-loss at 4490.
Alternative 2:
The price action might correct back to 4630. The stop-loss level is at 5830.
A type of rectangle pattern is busy developing.
I favour option 1.
The...
The last analysis on Truworths was on the 20th of January, link below.
The breakout was a fakey and price has crashed back into the consolidation zone and looks to be impulsing to the downside.
The larger price structure is unclear but from 6990 i am counting the crash as a five wave impulse.
A price target to the downside is at the down-sloping support trendline.
Reverse Inverse Cup and Handle formed over the last few months.
Then there was a Rising Flag formation, which is a consolidation period before further downside.
We need the price to break below, to get a stronger sell signal to the downside.
MAs = mixed
RSI<50
Target R40.21
SMC
Buy Side Liquidity (Order Block) formed at the TOP of the handle of the Cup. This...
This idea was published on our client platform in the last 15-minutes.
Buy at current levels (or better) for a short term rebound: Retailers have been sold off due to several factors, one being the costs associated with loadshedding (diesel spend). As we move to stage 1-2, sentiment appears to be recovering while the shares have potential developed a short term...
TRU trading update was not as bad as expected however, Headline earning forward guidance is definitely weaker than expected. This means it's expensive at R66.00.
The technicals show that the price is reaching overhead resistance which I do think will hold. We are in over-bought territory now so I do see the stock pulling back to that all important 200 day moving average.
I have been monitoring TRU's trend since its breakout on January 16th. However, it's important to consider the bigger picture of its price action. TRU has been moving sideways in a clear pattern, with repeated fluctuations around earnings results that typically result in a price decline.
It's possible that this pattern will repeat itself once again?
Truworths has formed an M Formation over the last few weeks.
The price broke below the neckline and now it looks like the next target is in play.
21=7 - Changing
Price >200 - Bullish
RSI <50 Bearish
Mixed view with bearish bias.
Also it seems that the market is not appreciating the Truworths $JSETRU 1H 2023 results.
Revenue R11.73 billion, +14% y/y
Net...
Target reached at R68.24
7>21>200 Bullish
Cup and Handle worked and now we'll await the pattern.
RSI >50
Look, the trend is still up and so we'll need to wait for the next setup.
