Truworths looking like The Foschini and it's up to R69 (Nice)
Updated
Inverse Head and Shoulders potentially is formeing on Truworths.
Through my experience, this formation might be short as the price action is very strong to the upside.
It might skip the entire Right SHoulder and just head right to the target from the getgo.
7>21
Price<200 But price is so close to the level, it can smell it. If it breaks up, it'll be great for upside.
RSI>50
Target R69.45
ABOUT THE COMPANY
~ Truworths is a South African-based retail company specializing in fashion apparel, footwear, and accessories.
~The company was founded in 1917 and is headquartered in Cape Town, South Africa.
~ Truworths operates a vast retail network of stores across South Africa and has a presence in several other African countries, including Namibia, Botswana, Zambia, and Eswatini.
~The company's retail brands include Truworths, Truworths Man, Identity, Uzzi, and Earthchild, catering to different customer segments and fashion preferences.
~Truworths focuses on providing trendy and affordable fashion for men, women, and children.
HOW IT GOT ITS NAME
Truworths got its name from its founders, Isaac Krawitz and his brother, Hillie Krawitz. When the company was established in 1917, they named it "The Alliance Trading Company." However, as the business grew and expanded, they decided to change the name to Truworths in 1933. The new name was chosen to reflect the company's commitment to providing customers with quality products of true worth or value.
Through my experience, this formation might be short as the price action is very strong to the upside.
It might skip the entire Right SHoulder and just head right to the target from the getgo.
7>21
Price<200 But price is so close to the level, it can smell it. If it breaks up, it'll be great for upside.
RSI>50
Target R69.45
ABOUT THE COMPANY
~ Truworths is a South African-based retail company specializing in fashion apparel, footwear, and accessories.
~The company was founded in 1917 and is headquartered in Cape Town, South Africa.
~ Truworths operates a vast retail network of stores across South Africa and has a presence in several other African countries, including Namibia, Botswana, Zambia, and Eswatini.
~The company's retail brands include Truworths, Truworths Man, Identity, Uzzi, and Earthchild, catering to different customer segments and fashion preferences.
~Truworths focuses on providing trendy and affordable fashion for men, women, and children.
HOW IT GOT ITS NAME
Truworths got its name from its founders, Isaac Krawitz and his brother, Hillie Krawitz. When the company was established in 1917, they named it "The Alliance Trading Company." However, as the business grew and expanded, they decided to change the name to Truworths in 1933. The new name was chosen to reflect the company's commitment to providing customers with quality products of true worth or value.
Trade closed: target reached
Truworths went straight to the take profit after the retesting R53.43. it was a no brainer trade. My only regret is not holding longer and moving my stop loss and take profit further up. It reached the take profit and is still showing strong upside to come.
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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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