JSE:CFR Richemont Breaking Up from Long Accumulation Range
Richemont has been in an accumulation range since 2014. After some preliminary supply (PSY) and a buying climax (BC) price moved sideways with someone accumulating stock between R100 and R105. After a spring down to R80 in March 2020 price met with high volume buying and has pushed higher on slightly lower volume indicating that the buyers are holding the stock and not selling reducing supply. We are now testing R150. It is possible that we may see a pullback to the breakout range at R120 but the Wyckoff markup phase has started. Looking at the length of the accumulation range (2014 to 2021) there is significant upside potential. Definitely a stock to campaign on its way up.
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