Jsepik
UPDATE: Pick N Pay down in the dumps target still to R10.76Since the last update, we established Pick N Pay formed this M Formation which we were anticipating a break down.
The break down took place and we were initially hesitant as we expected conservative testing of resistances and demand zones.
But the fundamentals caught up to Pick N Pay, and the price continued its slump.
The company is struggling with the inflated prices, challenging distribution channels and of course Load Shedding having a major effect on the business and the suppliers too.
Unfortunately, we will continue to see downside for the retail giant and I hope it will make a come back in the next few years, as it has served an incredible element to South Africa and the variety of products unlike many places in the world.
The target remains at R10.76.
Pick N Pay showing upside and broken above downtrend target R52Rounding bottom or C&H is forming on PIK.
Whichever price breaks up and out of will give a strong buy signal.
Other indicators are confirming upside.
7>21 but price is still <200MA. We can expect the price to move up to rebalance with the 200MA which acts as an elastic.
RSI>50
Target R52.26
Pick n Pay big bearish formation with a runaway gap to R38.42Bearish box has formed over the last couple of months with Pick N Pay.
The price broke below the support and made a runaway gap.
This is a gap that runs in the direction and accelerates down the trend.
This is very bearish for the stock
200 >21>7
RSI<30
Target R38.42
Pick the payBuy the bounce off the bottom of trendline. If you caught this earlier, well played sir/mam.
