JSE:TRU New Years ActionJust before the holiday break, we could see some interest in Truworths - See post link below. Now early in the year, we can see this buying pressure starting the markup with signs of strength - relative large up bar with high volume for this time of year. Will be looking for a push back to R60 - R80.
TRU
JSE:TRU Truworths Mark-up?Truworths has been marking down from a previous trading range at about R75. We are now seeing some accumulation that could be the start of a back-up back to that trading range. We have seen signs of strength throughout this accumulation. After the selling climax, we saw signs of strength (SOS) taking price above the automatic rally (AR) and then being unable to properly break back into the trading range. Now after another SOS we have had a back-up to a last point of support (LPS) and what looks like the start of the mark-up into the new year.
The Truworths Sale -(TRU) SHORTI will tell you off the bat that I am bearish on the whole retail sector and already have a short on Shoprite (SHP). Looking at Truworths now, it looks like the rally is fading with the price now heavily over-bought and some negative divergence creeping in on the RSI.
TRU is approaching a short term resistance point which I think can be shorted for a move back to mini support.