1TY trade ideas
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.
PRX Daily chart bear flag in playPRX remains in a bear trend and now trying to complete a bear flag pattern
rewards to risk 2:1
ProsusNice move on PRX ever since I 1st identified the break of incline support 3 weeks ago.
Interesting that we now have a 'death cross'; which may suggest further downside.
ProsusPRX has been on a solid downward trend since it's most recent peak on 19 February. In a prior manual analysis, I mentioned that the 1805/1815 area would be a distribution zone. We overshot this area slightly before moving lower to now trade at multi-month lows. Yesterday we may have had a 'flush-out' candle while today we are trying to reclaim the lows. At R1523, the share appears oversold and may be worth a buy for a bounce back to the R1600 - R1615 level. Stop: R1490.
ProsusPrice now under 50 and 200 moving average; and today we closed below trendline support.
Could that be suggesting more downside?
JSE:PRX Prosus Failing at the 200smaAs previously discussed - see posts below - Prosus is still following Naspers lower. A failure at the 200sma is indicating significant weakness.
JSE:PRX Prosus Still Tracking NaspersAs previously indicated Prosus - see links below - is following Naspers down and gaining momentum in Phase D of a Wyckoff analysis.
JSE:PRX Still Following Naspers DownProsus still following Naspers down with some significant volume and bar on Friday.
JSE:PRX Prosus Following Naspers Down!Prosus is being distributed on the back of Naspers - see posts below. Time to watch for the volatility.
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.
PRX The chart is an extract from my weekly report.
Prosus N.V (PRX, R1864.66) | Pivot Cleared | The share currently trades close to it's all time highs, having cleared the overhead resistance (R1765/1800) in place since July 2020. Over the same period, we note the price having made higher lows, which signifies buyers becoming more aggressive on each pullback. Traders/investors want to remain long as long as the R1765/1800 level is held. The accompanying chart timeframe is monthly which shows the Relative Strength Index with a 75 reading (very strong rank).
Observation - Value Discount PROSUS VS TENCENT- Some interesting stats when viewing the difference between TENCENT & PROSUS since September 2020.
Shooting Star on ProsusJSE:PRX has been trading in somewhat of a channel since April 2020. Two day's a go it broke out of the channel and looked like it would continue up, but instead formed a shooting star pattern. Yesterday and today are showing strong downward momentum. We could see a move towards the bottom of the channel or to the support level at around 150000.
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
