SPP Spar
Yesterday the share reclaimed the R100 level.
My signal came at just above R90, with my note preparing clients to buy on a dip toward the R88 to R90 level.
My original view has been inserted on the left hand side of the chart.
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The R120 level continues to be a strong resistance to on this stock which is due to release earnings soon.
A positive break of the area could lead to a decent leg up. R110 needs to be defended on the downside or risk a break down to test R105 or lower.
Spar Group rallied after a failed daily cycle 2, as is we are looking at a very short weekly cycle unless current cycle breaks back below R96.40, not entirely unthinkable given the following:
1. The move up saw declining volume.
2. The RSI & TSI have shown negative divergence.
3. RSI is overbought, failed breakouts on overbought conditions usually lead to quick...
Spar (SPP) runs a chain of supermarkets across Southern Africa with 2402 stores. It also operates the Build-It chain in hardware and building materials and the Tops Liquor chain. It has operations in Southern Ireland under the name "BWG" which operates through 1392 stores and the Spar chain of 388 stores in Switzerland. The company is expanding into Poland with...
SPP's price is currently moving within a trend channel, and it's testing the upper trend line as we wait for this week's earnings announcement. Looking at how the stock behaved before, we can see that attempts to break key support levels were met with resistance, forming lower highs.
Target 1 around the 96.68 area.
Caution: If the stock breaks above the trend...
Spar (SPP) runs a chain of supermarkets across Southern Africa with 2402 stores. It also operates the Build-It chain in hardware and building materials and the Tops Liquor chain. It has operations in Southern Ireland under the name "BWG" which operates through 1392 stores and the Spar chain of 388 stores in Switzerland. The company is expanding into Poland with...
The stock reached our previous long target (link below) and has run into some resistance at the 200dma.
Bulls tried to break out but failed forming a 2b reversal pattern. The R105 level needs retesting so i will be looking weakness towards that level. R111 will key level to break for the bears.
Macd crossover + RSI off overbought .
Spar (SPP) runs a chain of supermarkets across Southern Africa with 2402 stores. It also operates the Build-It chain in hardware and building materials and the Tops Liquor chain. It has operations in Southern Ireland under the name "BWG" which operates through 1392 stores and the Spar chain of 388 stores in Switzerland. The company is expanding into Poland with...
Price is flagging below the 20 day moving average and may breakout is possible with a successful break of R105.
Another alternative is the pattern (symmetrical triangle) first breaks to the downside to create a bigger double bottom before finding enough buyers to go test R118-120 again.
In trading, a symmetrical triangle is a chart pattern formed by connecting...
There is an Inv C&H that's formed on the monthly chart with Spar.
It's been coming down since April 2016 where it just couldn't break above R225.00.
Since then we've seen supply (selling) strong than buying.
And now with the price breaking below the Inv C&H, shows downside to come.
I hope I'm wrong with this one and they do something miraculous to pick up the...
Inverse Cup and Handle formed on Spar and price broke below the brim level.
This sparked fear and lead to a ton of selling and supply.
We had other indicators confirm for the downside to come.
200>21>7
RSI<30
And yesterday, the price went down 15% striking right through the target at R103.61.
Smart Money Concepts
Above the handle, formed a Buy Side Liquidity...
Spar Group has carved a triangle from which price is trying to breakout, the point at which price is, has convergence of resistance (the 200DMA, declining resistance line, 30 week moving average), in contrast there are multiple supports (triangle ascending line, channel support). The share has a lot of indecision, whichever way it goes, there will be healthy...
The last coverage of Spar was on 2023.01.18 and the wave count was suggestive that the big bear had potentially ended at 11298, link below.
The stock had a good, strong and impulsive looking rally from 11298 to 15432.
The corrective move from 15432 to 11778 has thus far unfolded as a double zigzag (wxy).
The stock bounced at 11778 to just above 12700 before...
Inverse Cup and Handle has formed over the last month for the retail giant.
The price yesterday broke below the Brim level.
This makes it bearish for downside to come.
200>21>7
RSI<30
Target R103.61
SMC -
Above the Handle of the Cup is a Buy Side Liquidity Order Block. This is where Long traders BOUGHT and Short Traders got stopped. Where the BUYING took...
The chart has not been looking very bullish and closed on its low yesterday.
Price has retraced into an area of possible support.
Swing low of R129 will need to hold on the daily otherwise a further down leg is likely.
The share is testing its 200-day simple moving average and a potential breakout up out of the falling wedge pattern.
A price action above 14100 supports a bullish trend direction.
Increase long exposure for a break above 14600.
The target price is set at 15200.
The stop-loss price is set at 13600. Negate the bullish stance for a break below this level.
Cup & Handle formed on the Daily chart.
Price is only breaking above the brim level now.
This is good news for the bulls.
Other indicators showing upside.
7>21 >200
RSI>50
Target R171.37
SMC
Sell Side Liquidity Order Block is clear where there is buying from Smart Money.
ABOUT THE COMPANY
The Spar Group was founded in the Netherlands in 1932 and has since...
Spar has been in a downtrend with price seeking a yearly low point. Now price has done the following:
1. Broken out of downtrend channel
2. Closed above the 30DMA & 200DMA
3. Price seeking to confirm a daily cycle low, favouring 28 February as the day
4. Price action exhibits some traits of stage analysis breakout, high volume to break the 30 week moving average...
