Falling Wedge (Flag pole) has formed over the last few months.
We then had a breakout above the Wedge alone with a breakout above the downtrend (Action line)
We believe the nature of the analysis is High probability where the price is above 20 and 200MA.
The target is at R327.51
Inverse C&H has formed on Richemont.
Before the handle formed, it made a Breakaway gap.
This is where the price stopped its current uptrend, broke below where there is liquidity that didn't fill, and then continued down.
Now gaps close 70% of the time, so we could get a spike up before the downside. But that would be for a conservative trader.
Other...
Rising Wedge formed on Richemont with a prior uptrend.
And believe it, it's broken up. This is normally a reversal pattern that breaks down.
However, since the share distribution, the demand has been sky high pushing the price up.
7>21>200
RSI>70
Target R4,142
All the great elements of a rising trend.
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...
$cfr is trading above its long term channel it has respected since 2007. Last time it flew above this channel its wings melted. The RSI and Moneyflow indicators show that strength is leaking out of this share. Investors are securing profits. This is a quality share with a strong outlook but may return to former support around CHF 127 to consolidate. Not a good...
Profit target 1 Reached for Richemont at R205.65
There is still a strong Bullish bias, but we'll have to wait for the next pattern to form.
The JSE Santa Claus Rally is premature but we are loving every second of it.
Let's hope it continues after a trying couple of months.
