Redefine needs to define its next breakout
Redefine has been easy to probability predict in the last two years.
It's been on one strong trajectory down.
And after each crash, there is a relief rally to buy and profit from.
However, now we are in tricky territory.
There is a Broadening Triangle being formed which can break either way. That's the difficulty with Broadening patterns.
My bet is DOWN only because the overall trend is in a bear market. And the overall bias is down because the price is below the 200MA.
However, there needs to break a few strong levels.
1. The current support on the Broadening pattern.
2. The even strong support level established at R3.20.
My target if the price breaks down will be R3.11. However, it's not like we can do much with this information.
As an investor, I guess it's best to hold and wait for some kind of recovery.
As a short term trader, we can just watch the analysis play out as I doubt market makers have Redefine as an option to short.
We also need to look at the property index which has an influence on the market.
ABOUT THE COMPANY:
Redefine Properties is a real estate investment trust (REIT) based in South Africa.
Overview:
Redefine Properties is one of the largest real estate investment trusts in South Africa.
Industry Focus:
The company primarily focuses on the ownership, management, and development of properties across various sectors, including retail, commercial, and industrial.
Diversified Portfolio:
Redefine's property portfolio includes a diverse range of assets such as office buildings, shopping centers, and industrial properties.
REIT Structure:
As a real estate investment trust, Redefine typically distributes a substantial portion of its earnings as dividends to shareholders.
It's been on one strong trajectory down.
And after each crash, there is a relief rally to buy and profit from.
However, now we are in tricky territory.
There is a Broadening Triangle being formed which can break either way. That's the difficulty with Broadening patterns.
My bet is DOWN only because the overall trend is in a bear market. And the overall bias is down because the price is below the 200MA.
However, there needs to break a few strong levels.
1. The current support on the Broadening pattern.
2. The even strong support level established at R3.20.
My target if the price breaks down will be R3.11. However, it's not like we can do much with this information.
As an investor, I guess it's best to hold and wait for some kind of recovery.
As a short term trader, we can just watch the analysis play out as I doubt market makers have Redefine as an option to short.
We also need to look at the property index which has an influence on the market.
ABOUT THE COMPANY:
Redefine Properties is a real estate investment trust (REIT) based in South Africa.
Overview:
Redefine Properties is one of the largest real estate investment trusts in South Africa.
Industry Focus:
The company primarily focuses on the ownership, management, and development of properties across various sectors, including retail, commercial, and industrial.
Diversified Portfolio:
Redefine's property portfolio includes a diverse range of assets such as office buildings, shopping centers, and industrial properties.
REIT Structure:
As a real estate investment trust, Redefine typically distributes a substantial portion of its earnings as dividends to shareholders.
✅ 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)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.