THE SPAR GROUP (SPP)
SPP's price is currently moving within a trend channel, and it's testing the upper trend line as we wait for this week's earnings announcement. Looking at how the stock behaved before, we can see that attempts to break key support levels were met with resistance, forming lower highs.
Target 1 around the 96.68 area.
Caution: If the stock breaks above the trend channel with support, it could indicate a shift to a more bullish trend.
NOTE: On November 23rd, Spar (JSESPP) shared a trading update that caused a 7.1% drop in its stock price at the opening. They expect the operating profit for this year to be between R1.6 billion and R2 billion, down from R3.4 billion in FY2022. The expected earnings per share (EPS) could be 76% - 86% lower, and the headline earnings per share (HEPS) might be 43% - 53% lower compared to last year.
Results will be published on SENS by 08:00 on Thursday, November 30, 2023.
Target 1 around the 96.68 area.
Caution: If the stock breaks above the trend channel with support, it could indicate a shift to a more bullish trend.
NOTE: On November 23rd, Spar (JSESPP) shared a trading update that caused a 7.1% drop in its stock price at the opening. They expect the operating profit for this year to be between R1.6 billion and R2 billion, down from R3.4 billion in FY2022. The expected earnings per share (EPS) could be 76% - 86% lower, and the headline earnings per share (HEPS) might be 43% - 53% lower compared to last year.
Results will be published on SENS by 08:00 on Thursday, November 30, 2023.
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