HMN Hammerson Late EntryWe might have missed a pretty good entry earlier but might find another one on lower timeframes soon.
Let's see if this works out.
Hammerson
$JSEHMN HMSO - Hammersons looking for a bottomKeep an eye on Hammersons in the UK (shown chart in London as that is where the primary listing is based - trades on the jse as JSE:HMN. Stock has had 4 months of way above average volume changing hands and the hammer reversal candles in April and May give you the clue that the buyers have fought extremely hard on this one. Spikes in volume like this often lead to major turning points, so for me this is the type of stock you want to put in the bottom drawer as a longer term equity investment..
for the shorter term traders - you would buy at around current levels of 83p, using a stop loss below last months candle low at 72.62. If all goes well the first target should be at around the 200p level (previous swing low before break down) which means this can more than double.. let's see how it transpires, but warning: as this is a monthly chart it can take some time to play out
Bullish Structure Formation With Big Targets!Hammerson PLC is an owner, manager and developer of retail destinations in Europe. Hammerson’s share portfolio includes investments in 23 prime shopping centres in the UK, Ireland and France, 18 convenient retail parks in the UK and 19 premium outlets across Europe.
Hammerson is listed on the Johannesburg Stock Exchange (JSE). The Financial Surveillance Department of the South African Reserve Bank approved the secondary listing. This listing has been classified in the Secondary Listing as “domestic” for exchange control purposes.
Hammerson believes that pursuing the secondary listing improves the depth and spread of the shareholder base of the Company, thereby improving liquidity and tradeability of its shares and ensuring the Company is accessing a wider pool of international capital.
Technicals
Looking at the bigger picture allows me to see where the price should be headed over the medium to long term and I trade based on lower time frame entries. Here we can see that a 5 wave structure has formed and it is of a bullish nature. This leads me to believe that we will see a break to the upside, eventually. There will be a period of consolidation once price reaches the top of the structure and I will look for confirmation of the break. Long entries are at a good level now to hold to the top.
