Richemont shooting up since share distribution to R4,142
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 share distribution 1:10, investors are seeing the share as a valuable one to hold in long term portfolios, which is why they're buying the share up.
R3,400 is more attractive than a R340.00 share clearly.
We'll have to see how this one plays out
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 share distribution 1:10, investors are seeing the share as a valuable one to hold in long term portfolios, which is why they're buying the share up.
R3,400 is more attractive than a R340.00 share clearly.
We'll have to see how this one plays out
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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