Truworths has formed an M Formation over the last few weeks.
The price broke below the neckline and now it looks like the next target is in play. 21=7 - Changing Price >200 - Bullish RSI <50 Bearish Mixed view with bearish bias.
Also it seems that the market is not appreciating the Truworths JSETRU 1H 2023 results. Revenue R11.73 billion, +14% y/y Net income R1.88 billion, +6.1% y/y Adjusted EPS R4.874 vs R4.438 y/y Gross margin 53.5% vs. 53.6% y/y Interim dividend per share R3.20
I'm bearish right now but with the mixed signals anything can change.
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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