Since 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...
Rounding 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
Downtrend has been forming on Pick n Pay since 8 Dec 2022. It's been a difficult period for retailer and looks like there is more downside to come. 200>21>7 - Bearish RSI<50 - Lower highs Target R23.20 Apart from its distribution channel issues, I think the weakening rand is the main culprit for retailers downside. There are a few fundamental reasons...