JSE:DCP Dis-Chem Range within a Range
Updated
Dis-Chem has started a long term and large Trading Range in June 2018. The range boundaries have been set in Phase A between R24 and R35. After a Selling Climax (SC) and Automatic Rally (AR) we have now seen a Secondary Test (ST) of the SC lows. A small TR has now formed at this support and we have seen a Spring. We are now expecting a markup out of the small TR and mark up to the highs of the larger TR at R35.
Comment
It has taken some time but Dis-Chem is now breaking out.Comment
For now, it is holding above the smaller TR with negative divergence on the volume RSI indicating an effort to push the price down without response. This indicates a likely continuation.Comment
Still targeting the top of the TR.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.