Flagging the Bulls: Breaking Out from a Falling Flag Formation!
Updated
Shoprite
Flagging the Bulls: Breaking Out from a Falling Flag Formation!
1.Price Formation: The price has broken out from a falling flag price formation on a daily chart.
2.Moving Averages: The 7-day moving average (MA) is above the 21-day MA, which is a positive sign indicating bullish momentum.
3.200-day Moving Average is below the Price.
4.Thus, Mas 7>21>200
5.Relative Strength Index (RSI): The RSI is > than 50, indicating bullish momentum and potential further upward movement.
6.Price Target: R287.50
Shoprite in South Africa is a major retail chain and is part of the Shoprite Group of Companies, which is the largest food retailer in Africa. The Shoprite Group also owns other retail formats and brands including Checkers, Usave, and LiquorShop, among others.
Shoprite South Africa had a strong presence in the country with hundreds of outlets, serving millions of customers with a wide variety of food products, general merchandise, and non-perishable groceries. The brand is known for its value-for-money offerings and targets a broad consumer market, ranging from lower-income shoppers to the more affluent.
In addition to South Africa, the Shoprite Group also operates in several other African countries, and it has made considerable investments in supply chain infrastructure to serve the African continent effectively.
The Group is known for its aggressive pricing strategy and has been quite active in initiatives that address food security and support for local suppliers and communities. It has also implemented various sustainability measures to enhance its environmental responsibility.
Flagging the Bulls: Breaking Out from a Falling Flag Formation!
1.Price Formation: The price has broken out from a falling flag price formation on a daily chart.
2.Moving Averages: The 7-day moving average (MA) is above the 21-day MA, which is a positive sign indicating bullish momentum.
3.200-day Moving Average is below the Price.
4.Thus, Mas 7>21>200
5.Relative Strength Index (RSI): The RSI is > than 50, indicating bullish momentum and potential further upward movement.
6.Price Target: R287.50
Shoprite in South Africa is a major retail chain and is part of the Shoprite Group of Companies, which is the largest food retailer in Africa. The Shoprite Group also owns other retail formats and brands including Checkers, Usave, and LiquorShop, among others.
Shoprite South Africa had a strong presence in the country with hundreds of outlets, serving millions of customers with a wide variety of food products, general merchandise, and non-perishable groceries. The brand is known for its value-for-money offerings and targets a broad consumer market, ranging from lower-income shoppers to the more affluent.
In addition to South Africa, the Shoprite Group also operates in several other African countries, and it has made considerable investments in supply chain infrastructure to serve the African continent effectively.
The Group is known for its aggressive pricing strategy and has been quite active in initiatives that address food security and support for local suppliers and communities. It has also implemented various sustainability measures to enhance its environmental responsibility.
Trade closed: stop reached
The trade has hit my adjusted SL and closed with profit.
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