TruworthsBullish consolidation on the TRU hourly chart?
Only time (and of course the ZAR) will tell!
IUE trade ideas
Truworths Worth a buy hereLooking at this chart it looks like bottomed
Trading back into the value area a break above the resistance and i reckon we run to the top of the VA
TruworthsTruworths ‘invalidating’ the bearish rising wedge pattern which had formed,by breaking to the upper side of the wedge pattern.
Just above the wedge pattern, we have horizontal resistance just below the R78 mark, and we look set to close above that resistance level.
Rand is still weak, most SA inc. stocks pulling back today, but Truworths seem resilient somehow.
Elections in 2 days’ time, anybody’s guess if it will continue pumping higher and cut through its 200dma at R80.
I will watch it for now.
Bullish Engulfing on TruworthsJSE:TRU formed a bullish engulfing candle pattern on Friday which is a strong reversal signal. We can expect it to go upwards from here.
More downside for Truworths?Yesterday we closed below the incline support going back to November 2016.
50 and 200 day moving averages pointing down.
I'm monitoring for a 'Short' around R73/R74; provided the broken support can act as resistance 1st.
TRU - Double Top & Bearish EngulfingJSE:TRU has formed a Bearish Engulfing causing a double top to be formed as well.
If this trades lower on Monday, I will enter a short position.
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.
