Richemont
Bearish Bias in Richemont: A Head & Shoulder Price Pattern Analysis”
A bearish bias is indicated by the breakout of the price from a Head & Shoulder price pattern.
(MAs 7<21<200 confirms the bearish sentiment.
Additionally, RSI below 50 further supports the bearish bias.
Target is set at R1800.
Richemont – the company
Richemont is a multinational...
CFR has put a stellar performance with earnings that spurred a short covering, price created an island reversal pattern, closed the gap & tried to push higher but buyers are showing exhaustion, looking at the intermediate cycle, we are in week 34, usually a time for a weekly low price. This means we will have a longer weekly cycle. We watch for price going below...
Richemont's trading chart signals a potential entry into Impulsive Wave 5, as observed on the weekly time frame.
- Monitor the emergence of support above the previous high of Impulsive Wave (1) resistance.
- This support could drive a price movement towards the 400 level.
NOTE: RICHEMONT - These ultra-luxe brands appeal to the top 0.01% of earners, who remain...
Richemont (CFR, 280455c) | The share remains below it's declining 50-day EMA which supports a bearish medium term 'trading' bias. The share trades at the mean of it's downward trending 50-day linear regression trend channel which, on a standard deviation basis, is neither bullish or bearish while since since 20 July, the share has traded in a sideways...
JSE:CFR has breached what we consider to be a key MA, however, the stock is still trading above the 200 dMA. The 200 dMA is the next potential support level, we're keeping an eye on $JSE:CFR.
No position.
The outlook shared 14.07.2023 did not survive market forces, link below.
The bigger picture remains intact but wave 4 is making a more complex and deeper wave structure.
Waves ((w-x)) both unfolded as simple zigzags and wave ((y)) is in its early stages.
Market momentum is still to the upside and this is a correction of a larger uptrend.
I remain bullish but...
Inverse C&H has formed on Richemont.
Before the handle formed, it made a Breakaway gap.
This is where the price stopped its current uptrend, broke below where there is liquidity that didn't fill, and then continued down.
Now gaps close 70% of the time, so we could get a spike up before the downside. But that would be for a conservative trader.
Other...
The last update on Richemont was on 10.03.2023 and the stock has traded as forecasted, link below.
*On 18 April 2023 Compagnie Financière Richemont SA converted its depositary receipts to A shares, depositary receipts were surrendered for A Shares in a ratio of 10 Depositary Receipts for one A Share. Historical prices have thus been adjusted.
Wave 3 peaked at...
Our long position on JSE:CFR was triggered this morning with the price action so far. We are looking at a target at the resistance levels at around 3390
Rising Wedge formed on Richemont with a prior uptrend.
And believe it, it's broken up. This is normally a reversal pattern that breaks down.
However, since the share distribution, the demand has been sky high pushing the price up.
7>21>200
RSI>70
Target R4,142
All the great elements of a rising trend.
Richemont had a recent spike up after earnings and is now coming back to test the break and gap.
Its currently just an observation and not a reason to short but to look for possible entries on a pullback.
Rising Wedge has formed on Daily.
Normally you expect the price to break down as it's generally a bearish pattern.
However, as the trend is up, the wedge is up and the gap is up - signals strong upside.
The price has broken up, and we could get a bit of downside before the next move up.
7>21>200
RSI>70
Target R4,142
FUNDAMENTALS:
It seems like since the...
On 19 April 2023, Richemont went through a Share Consolidation (Reverse Stock Split).
That's why we saw the price move from R300 up to R3,027 (909%).
But before you get excited with whether you could have profited big time we need to remember what a Reverse Stock Split is...
What is a Reverse Split (Share consolidation)?
• The opposite of a stock split...
REMINDER: Compagnie Financière Richemont (CFR) is a Swiss luxury goods company that has a subsidiary in South Africa.
The subsidiary's depositary receipts and warrant receipts were previously listed and traded on the Johannesburg Stock Exchange (JSE).
However, starting from April 19th, 2023, these financial instruments will be suspended from trading on the JSE...
$cfr is trading above its long term channel it has respected since 2007. Last time it flew above this channel its wings melted. The RSI and Moneyflow indicators show that strength is leaking out of this share. Investors are securing profits. This is a quality share with a strong outlook but may return to former support around CHF 127 to consolidate. Not a good...
After a 41% decline from 25044 to 14734, CFR has had a strong run to new all time highs.
The move from 16852 has a classic wave ((iii)) look and therefore the implication is that CFR is still trading within wave 3.
A correction for wave ((iv)) will provide a good buying opportunity.
Its been an eye-watering rally on this counter since the R150 swing low in May last year .
Its approaching the R1 resistance pivot and looking in need of a decent pullback. Patience required while its above the rising 10/20emas.
