Prosus Staying Rangebound?Prosus - Short Term - We look to Buy at 68.11 (stop at 65.01)
We look to buy dips. Trading within the Channel formation. Previous support located at 68.00. Previous resistance located at 80.00. The bias is still for higher levels and we look for any dips to be limited.
Our profit targets will be 77.39 and 80.50
Resistance: 80.00 / 90.00 / 100.00
Support: 68.00 / 65.00 / 60.00
Disclaimer – Saxo Bank Group. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis, like any and all indicators, strategies, columns, articles and other features accessible on/though this site (including those from Signal Centre) are for informational purposes only and should not be construed as investment advice by you. Such technical analysis are believed to be obtained from sources believed to be reliable, but not warrant their respective completeness or accuracy, or warrant any results from the use of the information. Your use of the technical analysis, as would also your use of any and all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
Please also be reminded that if despite the above, any of the said technical analysis (or any of the said indicators, strategies, columns, articles and other features accessible on/through this site) is found to be advisory or a recommendation; and not merely informational in nature, the same is in any event provided with the intention of being for general circulation and availability only. As such it is not intended to and does not form part of any offer or recommendation directed at you specifically, or have any regard to the investment objectives, financial situation or needs of yourself or any other specific person. Before committing to a trade or investment therefore, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and (where available) read the relevant product offer/description documents, including the risk disclosures. If you do not wish to seek such financial advice, please still exercise your mind and consider carefully whether the product is suitable for you because you alone remain responsible for your trading – both gains and losses.
PRX
JSE:PRX Prosus Going SouthAs expected Prosus keeps following Naspers down - see posts below. However, Prosus is weaker than Naspers and has already broken the yearly pivot point and the recent redistribution remained below this. Again the high volume selling is seen indicating some urgency to dump the stock. Today we see the breakout of the recent redistribution trading range and this week could see more panic selling.
JSE:PRX Prosus As with Naspers Prosus has made me wait after observing some weakness in the stock. However, change of character on a significant reversal bar after a failed test is likely confirming that the up sloping trading range is a distribution range and we could see the start of the markdown process starting.
Strong Bullish Signals for Prosus (PRX) Fundamental Analysis
1. Industry: Ecommerce, Social and Internet Platforms ++
2. Price: Relatively Cheap
3. Analyst Consensus Target: 145 (Tipranks)
4. Risk-Reward Ratio: 1:6
5. 5Y EPS Growth: 20-40% (Simply Wall St)
Technical Analysis
1. Volume is growing
2. Support of the MA 100 line (1h)
3. Boilinger Percentage: 35% (high short-term potential)
4. Morningstar growth rate: A
5. Short-term target: 100
6. Long term target: 140
Sell signal Prosus N.V. Just entered a short position in EURONEXT:PRX .
Entry @ 87,75
Stop @ 91,20 (-3,9%)
Target @ 75,20 (+14,3%)
There's long term divergence MACD (sell signal given) and RSI (sell signal given). DMI confirms with a DI - > DI + and ADX rising; confirming downtrend.
At the moment there's some gap filing going on, it's just waiting for the red rising support line to be broken and the next down gap to be made ...
Target is the support @ 75,20 which has been formed with big volume, so I assume it's kind of solid.
$JSENPN $JSEPRX Its raining Head & Shoulders in Naspers & ProsusWe are developing a scary head and shoulders top formation in both Naspers and Prosus. Should we convincingly break below the necklines of the respective charts at approximately R2376 and R1050 respectively, we have downside targets some 18.6% and 13.6% away from current levels on Naspers and Prosus. (Price targets if H&S formation plays out, NPN : R2014, PRX: R927)
ASX: Prodigy GoldFactors
1. Price has experienced a LT downtrend (Starting August 19)
2. Price slowly building a base with a short term resistance at 7c .
3. EMA is converging
4. There is an overhead gap at 8.3c which I would be looking to target, 10.5c if we're feeling more ambitious.
Possible Reasons For Failure
1. No breakout/bullish price action at 7c to initiate trade
2. Prices may continue to downtrend
3. Base may breakdown
Watchlist and keep an eye on, mainly at 7c level.
$Tencent Observation: Flat bottom triangle? $JSENPN $JSEPRXTencent in Hong Kong looks to be developing a flat bottom triangle pattern - otherwise known as a descending triangle. My only concern from a technical perspective is that these patterns are normally continuation patterns which develop in the direction of the preceding trend. However, there are instances when descending triangles form as reversal patterns at the end of an uptrend. Watch for a convincing daily close below the horizontal support line between (318-320). More importantly, a high volume break would provide better confirmation that this is indeed a true breakdown and will also provide a better probability that this pattern plays out. Should this technical pattern work out on a confirmed break below 318, it has a technical target of 243 HK$ which is roughly 24% away from current levels. The repercussions of this playing out has far-reaching consequences for our market given the elevated weightings which Naspers and Prosus occupy on our local indices.
What is also interesting to take note of is that the last time we saw the death cross (50dma < 200dma) in Jun/Jul 18' on Tencent, we witnessed the stock have an aggressive sell off from R400 down to R250. This death cross has once again taken place in September..