Prosus hit our price target at R1,445 and enters into a bullSince we sent out the trade idea on Prosus, it formed a beautiful Cup and Handle which broke our of the brim level.
7>21>200 Moving averages all looked perfect and RSI was above 50 Green backgrounds all around.
The first target he set was to R1,445.20. WHich it hit last week.
Now unfortunately, there is no other chart pattern that's formed but instead a bull (rising) channel is on the way.
This is where trend traders will ride it on up until the trend breaks.
It doesn't give us breakout traders a good entry level but for others I'm sure they can raise their trailing stops and keep it going.
General Facts:
Prosus is a Netherlands-based investment company (that operates in more than 80 countries) that was created through the spin-off of Tencent's international internet assets.
The company's primary focus is on the technology and internet sector.
You'll find it's listed on the Euronext Amsterdam stock exchange and the Johannesburg Stock Exchange (JSE).
For our analysis we are talking about the one listed on the JSE (South Africa)
Prosus has a market capitalization of over $100 billion and its portfolio includes investments in companies like Naspers, MakeMyTrip, and Delivery Hero.
