JSE:PRX formed a bearish harami on Thursday last week which is a top reversal signal. This was confirmed by the break through the upward trendline and the stochastic. This could mean a move downward for a while if confirmed by breaking below the low of last Wednesday.
We are developing a scary head and shoulders top formation in both Naspers and Prosus. Should we convincingly break below the necklines of the respective charts at approximately R2376 and R1050 respectively, we have downside targets some 18.6% and 13.6% away from current levels on Naspers and Prosus. (Price targets if H&S formation plays out, NPN : R2014, PRX: R927)
- Interesting break of the down trend - I would like to see price come back and test this downtrend then continue up to enter a long JSE:PRX - MANAGE YOUR RISK - Disclaimer: All ideas are my opinion and should not be taken as financial advice.