Richemont breakaway gap for the downside
Inverse C&H has formed on Richemont.
Before the handle formed, it made a Breakaway gap.
This is where the price stopped its current uptrend, broke below where there is liquidity that didn't fill, and then continued down.
Now gaps close 70% of the time, so we could get a spike up before the downside. But that would be for a conservative trader.
Other indicators show downside to come.
7=21
Price>200
RSI <50
Target R2,299
ABOUT THE COMPANY:
Origins:
Richemont was created in 1988 by South African businessman Johann Rupert. Its creation represented the spin-off of international assets owned by Rembrandt Group Limited of South Africa.
Headquarters:
The company's global headquarters is located in Bellevue, Switzerland.
Luxury Brands Portfolio:
Richemont owns several of the world's leading luxury goods companies, with particular strengths in jewelry, luxury watches, and premium accessories.
Their portfolio includes brands such as Cartier, Dunhill, Montblanc, and Van Cleef & Arpels.
Watch Expertise:
The company is known for its Swiss watchmaking brands like Jaeger-LeCoultre, Piaget, IWC, Baume et Mercier, Vacheron Constantin, Officine Panerai, and Roger Dubuis.
Global Reach:
Richemont operates in over 35 countries globally and sells its products in over 100 countries.
Before the handle formed, it made a Breakaway gap.
This is where the price stopped its current uptrend, broke below where there is liquidity that didn't fill, and then continued down.
Now gaps close 70% of the time, so we could get a spike up before the downside. But that would be for a conservative trader.
Other indicators show downside to come.
7=21
Price>200
RSI <50
Target R2,299
ABOUT THE COMPANY:
Origins:
Richemont was created in 1988 by South African businessman Johann Rupert. Its creation represented the spin-off of international assets owned by Rembrandt Group Limited of South Africa.
Headquarters:
The company's global headquarters is located in Bellevue, Switzerland.
Luxury Brands Portfolio:
Richemont owns several of the world's leading luxury goods companies, with particular strengths in jewelry, luxury watches, and premium accessories.
Their portfolio includes brands such as Cartier, Dunhill, Montblanc, and Van Cleef & Arpels.
Watch Expertise:
The company is known for its Swiss watchmaking brands like Jaeger-LeCoultre, Piaget, IWC, Baume et Mercier, Vacheron Constantin, Officine Panerai, and Roger Dubuis.
Global Reach:
Richemont operates in over 35 countries globally and sells its products in over 100 countries.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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