JSE:CFR , with today's movement so far, has failed to form a lower high and has broken the downward trend it has been trading in since mid Jan or even further back. A higher high has formed and could mean a move to the upside if confirmed.
Looking at the Richemont, we may derive the following from the weekly chart:
1. CFR is at a notable resistance level where price has slowly started to reject the previous trend line. (The backtest)
2. We are seeing a correction pattern in play.
3. I am favouring a move to downside in the near future.
4. If the backtest holds, bears will bring the price...
The exponential moving averages have crossed upwards, the stochastic has made an upward turn and MACD is also on the up.
These are all signs to go long as the momentum is moving upwards.
Richemont is one of the world’s leading luxury goods groups. The Group’s luxury goods interests encompass some of the most prestigious names in the industry, including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, and Montblanc.
The history of growth in group sales was driven by a number of factors including geographic spread,...
