JSE:ITU Intu Properties Buying Taking Place
Updated
I was asked my view on Intu Properties but before I start I want to note that this is exceptional circumstances where we are looking at weak stocks in a weak market and looking to buy them. But here we are. So again like so many other stocks Intu has been training in a longterm downtrend but has gone oversold and now the big money is buying stocks at bargain prices. For Intu someone was buying below R1.00. Now we have seen volume increase and price push above the trading range showing signs of strength (SOS). After the break, we have seen a pullback on lower volume. We can see the pullback continue to back to about R1.00 but then we could expect the markup to start back to around R6.50 to R7.00 were there was the previous volume spike. This gives us some room to play. However, please be careful this is a counter-trend trade and SL and trade management becomes very important.
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