Target reached R257.66 from the Inverse Head and Shoulders we pin pointed in July. The price broke above the neckline and out of the medium downtrend. We followed the textbook way, and the price shot to the target at R257.66. It can continue higher. Or it can consolidate. But either way, we need to wait for the next setup.
Since the last update, Shoprite shot above the neckline of the Inverse Head and Shoulders. Since then, it's been rocketing to our first target. As long as the JSE ALSI continues its medium term upside and the retailers continue to move up - there is no stopping this one. Other indicators confirm. 7>21 Price >200 RSI>50 Target remains at R257.00 ABOUT THE...
Reverse Cup and Handle formed on Shoprite. Strong buying led to a high inclined formation, showing demand is stronger than supply. Other indicators confirm upside. 7>21 Price >200 RSI>50 Target R254.00
Head and Shoulders formed on SHP. It broke below the neckline and now its been coming down on the downtrend. We can expect the bounce up, before the downside. 200>21>7 - Bearish RSI<50 Target R177.11 CONCERNS: The JSE ALSI is setting itself for upside due to the Symmetrical Triangle. This might cause a disturbance in shorts with retailers but right now the...
Since the last trade update, SHP has been on a strong trajectory down. It formed a large Head and Shoulders on the daily chart which then the price broke below the neckline. We had other indicators confirming downside including: 200>21>7 - Bearish RSI<50 The target remains at R177.11 With fundamentals, I don't have much to say except the negative effect...
Head and Shoulders formed on SHP and the price broke below the neckline. We were hesitant with this analysis as world markets showed bullishness to come. But charts are charts and they never lie. Therefore we should follow the trend than try go against it. 200>21>7 - Bearish RSI<50 Target R177.11
Head and Shoulders has formed on Shoprite and the price has broken below the neckline. 200>21>7 - Bearish RSI<50 Target R177.11 CONCERNS: I don't like shorting strong companies generally especially when the JSE ALSI 40 is on a strong uptrend. Revenue growth is up 17.20% Net income Growth is up 14.70% Average annual Revenue growth (15yr) up 11.08% Net Margin...
W Formation has formed on Shoprite. The strangest thing is that the 200MA is actually the Neckline of the pattern. so if the price breaks below the 200MA, all Heck is going to break loose. There are other bearish signs like 21>7>200 RSI<50 Bearish bias My first target is R189.75. CONCERNS: We haven't had a break of structure yet. This means, the position will...
JSE:SHP tested R247 this morning, the stock previously failed to break above this level creating what looked like a double top. Luckily, the recent low was a higher lower, an uptrend movement is still possible. JSE:SHP will be attractive if it breaks above R248, a buy stop order can be useful in getting a decent price near a pivot point.
JSE:SHP might close this week below the 200 dMA. I don't hold anything trading below this level.
Initially I was hoping that JSE:SHP was gonna break above the previous high of R246, it couldn't. It's been pulling back to the 30 wMA, and it's currently trading below it, not a good thing. Also, it seems like it has formed a double top, I may be seeing things, but a double top and price below the 30wMA is not a recipe for success (except shorting success).
JSE:SHP share price is under pressure, and it has broken below a support level. JSE:SHP has been trading below key MAs for a while now, it's no surprise that the down ward move is gaining traction. It's not wise to keep on buying the stock at the moment, let it fall without you, unless you'e short. JSE:PPH is another weak retail stock.
A Bearish engulfing candle formed on JSE:SHP on 17 Feb. This was followed by a cross of the EMA's and the MACD. All of these indicate a change of momentum and we could be seeing a move to the downside. There is a gap that formed in September last year that we ight be looking to fill, failing that, it might find some support at the top of the gap.
Apart from the double top that has formed, a massive bearish engulfing candle appeared yesterday with very strong downward momentum. If it continues down lower than the low of yesterday's engulfing, I will consider a short position with a target at the close of the gap from the 8th of September.
JSE:SHP has been in a downward trend since mid September. It broke through the resistance level on the 9th of October and it went back down to test the level as support. If it breaks the high of the 13th of October, I will consider a long position up to the previous high of the top of the trend.
SHP has held R100 more than once last week and managed to hold. Made a nice pin bar reversal candle on Friday as well so a long will trigger if we have a close above R102. First target at R105. Stop loss would be a close below R100 on the daily.
Broke the downtrend during lockdown, retesting the line. Hopefully with easing restrictions there could be some kind of recovery. Let's see.
shoprite a posible bounce on the zone for a move higher