W Formation has formed on Shoprite. The strangest thing is that the 200MA is actually the Neckline of the pattern. so if the price breaks below the 200MA, all Heck is going to break loose. There are other bearish signs like 21>7>200 RSI<50 Bearish bias My first target is R189.75.
CONCERNS: We haven't had a break of structure yet. This means, the position will remain neutral until it does.
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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.