Break of trendline support on Shoprite could fuel further downside, and target around 214 in the short term.
W Formation has formed on Shoprite. The strangest thing is that the 200MA is actually the Neckline of the pattern. so if the price breaks below the 200MA, all Heck is going to break loose. There are other bearish signs like 21>7>200 RSI<50 Bearish bias My first target is R189.75. CONCERNS: We haven't had a break of structure yet. This means, the position will...
SHP looks good at current levels and is currently trading in a buy zone. Retailers are coming under pressure as trading updates are released, but if blue TL holds, SHP can move to an initial TP of around 246.90 with an extended target of 254.00. Stop loss on a close below TL support (blue)
Important level for bulls to hold on Shoprite after releasing their operational update. A daily below R235 opens a possible test of the 200dma .
Shoprite released a very good Operational update for the six months ended 1 January 2023 yesterday, a must read for anyone looking to trade or invest in this stock. As pleasing as this update was, a look at the charts shows a couple of red flags one must be cognizant of. The Elliot Wave structure suggests that the stock is trading in wave (5) and so far looks to...
Shoprite is starting to look like it's run out of Steam. We can clearly see the previous two days candle sticks show that intra-day rallies are getting sold. So we have a long upper tail (failed high) followed by a "Doji" candle. This could signal a short term trend change. From these over-bought levels, I wouldn't be surprised to see a pull-back to the 200 day...
SHP - Note: After breaking above the resistance level what looked like a double top, the upward movement created a new High. The "area of interest" - is key area acting now as a support. A Broadening Wedge formation on the technical chart has formed. A Sell/Short may be triggered if the inclined support line is breached. If it finds support it could create new...
JSE:SHP tested R247 this morning, the stock previously failed to break above this level creating what looked like a double top. Luckily, the recent low was a higher lower, an uptrend movement is still possible. JSE:SHP will be attractive if it breaks above R248, a buy stop order can be useful in getting a decent price near a pivot point.
JSE:SHP might close this week below the 200 dMA. I don't hold anything trading below this level.
Levels/thoughts via my ultra short term model. I think there's merit to having some type of automation. Why? (1) It removes human emotion and aligns with the tape and (2) it can save time. I run levels on a daily basis for the all the large cap names (can extended to mid cap) and offshore equities. For more research insights, including trade ideas, get in touch today.
Initially I was hoping that JSE:SHP was gonna break above the previous high of R246, it couldn't. It's been pulling back to the 30 wMA, and it's currently trading below it, not a good thing. Also, it seems like it has formed a double top, I may be seeing things, but a double top and price below the 30wMA is not a recipe for success (except shorting success).
- Shoprite released earning's yesterday and the sold it back to the 200 day moving average. - Bulls will need to defend R214 to prevent a further sell off towards the supply zone below (green). -- MANAGE YOUR RISK - - Disclaimer: All ideas are my opinion and should not be taken as financial advice. JSE:SHP
Pairs trade idea: Buy SHP vs Sell SPP A price action above 1.4805 supports a bullish trend direction. Crossing below this level will negate the bullish stance. Further bullish trend support above 1.4845. Consolidation from 1.4955 to 1.5220. Crossing above 1.5220 might target 1.5625. The potential MACD bullish crossover might support the trade idea.
Shoprite SHP (24082c) - short term traders, if you're holding. Technical Perspective: > Daily Candle structure bearish following strong run > Rejection at (exactly) the prior swing highs. > Rejection at parallel channel > The share was highlighted pre-market yesterday in the "strong but near overbought' scan. For more research, including trade ideas, get in touch today.
This could be an entry trigger on Shoprite for a move to 260. They released an Operational update earlier today, so it may be wise to give it 'The 3-day rule' first before initiating any 'Longs'.
Original Idea Attached. Covering Short/Sell Idea from this past Monday (27 June). Share down 7.5% or -1600c over the 3-4 days, testing sub-19700c. Maybe there's more to go on the downside but it's always good to continuously be 'banking'. Also, it could be extended vs it's 8-EMA, so an ultra short term bounce is possible. Original short/sell at 24500c in April...
JSE:SHP share price is under pressure, and it has broken below a support level. JSE:SHP has been trading below key MAs for a while now, it's no surprise that the down ward move is gaining traction. It's not wise to keep on buying the stock at the moment, let it fall without you, unless you'e short. JSE:PPH is another weak retail stock.