Shoprite showing strong downside to come to R177.11
Head and Shoulders has formed on Shoprite and the price has broken below the neckline.
200>21>7 - Bearish
RSI<50
Target R177.11
CONCERNS:
I don't like shorting strong companies generally especially when the JSE ALSI 40 is on a strong uptrend.
Revenue growth is up 17.20%
Net income Growth is up 14.70%
Average annual Revenue growth (15yr) up 11.08%
Net Margin is 3%
but ROE is -24.97%.
So it's unusual to see downside for this retail giant. But anyways, charts are charts and we have a plan in place.
200>21>7 - Bearish
RSI<50
Target R177.11
CONCERNS:
I don't like shorting strong companies generally especially when the JSE ALSI 40 is on a strong uptrend.
Revenue growth is up 17.20%
Net income Growth is up 14.70%
Average annual Revenue growth (15yr) up 11.08%
Net Margin is 3%
but ROE is -24.97%.
So it's unusual to see downside for this retail giant. But anyways, charts are charts and we have a plan in place.
✅ 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)
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.