SPP's price is currently moving within a trend channel, and it's testing the upper trend line as we wait for this week's earnings announcement. Looking at how the stock behaved before, we can see that attempts to break key support levels were met with resistance, forming lower highs. Target 1 around the 96.68 area. Caution: If the stock breaks above the trend...
Hello. How are you? We start the first trading day of the week. Important news was released last week, which created a range of movement between 1.06357 and 1.07807. When the ceiling was broken (the area I marked with D), a character change with the abbreviation CHoCH symbol was formed. Of course, if we used the trend line, it completely confirmed that the channel...
Inverse Cup and Handle has formed over the last month for the retail giant. The price yesterday broke below the Brim level. This makes it bearish for downside to come. 200>21>7 RSI<30 Target R103.61 SMC - Above the Handle of the Cup is a Buy Side Liquidity Order Block. This is where Long traders BOUGHT and Short Traders got stopped. Where the BUYING took...
Cup & Handle formed on the Daily chart. Price is only breaking above the brim level now. This is good news for the bulls. Other indicators showing upside. 7>21 >200 RSI>50 Target R171.37 SMC Sell Side Liquidity Order Block is clear where there is buying from Smart Money. ABOUT THE COMPANY The Spar Group was founded in the Netherlands in 1932 and has since...
Spar has formed an Inverse Head and Shoulders Since it hit our Short sell target, it's been forming the pattern. However, as with most markets we are getting a bit of mixed signals. 7>21 <200 (Mixed) RSI >50 Bullish but turning. My target remains to be R160.11 but this is a medium probability trade.
JSE:SPP broke out of the bottom of the 'buy box' consolidation area yesterday which normally means a signal to go short, but it seems like a hammer candle is forming which could mean a reversal, so I will remain cautious and only enter a short if it breaks the current low of today's price action.
According to our Trading Desk analyst, Lester Davids, there is a "srong move out of the inverse H&S however we could encounter some resistance around the R212 level." Contact the Unum Trading Desk on tradingdesk@unum.co.za for more details.