JSE:DCP Dis-chem Breaking the Downward StrideDis-chem has been in a downward stride but after a short accumulation with a spring, the trendline was broken. After a backup (BU) it looks like it will break higher and test the yearly pivot point.
DCP trade ideas
DCPDCP Dis-Chem Pharmacies
The share may be printing an 'inside bar' - which has in the past signaled a reversal of trend. Most recently the share is down from it's 27 March peak of 2757c to Friday's low of 1805c. The MACD is printing a higher low (bullish divergence) while the RSI is making a slight turn up. The share also trades close to the oversold zone with a reading of 33. I'd like to see a positive close today, with the majority of tomorrow's trading action being in the upper end of today's bar. This will signal some form of stabilization and potential follow-through from the 'inside bar' candle structure.
$JSEDCP - Rounded bottom formation (Daily)$JSEDCP looking for a daily close above 2615 with immediate resistance at 2650 (Falling trend)
As if nothing has happenedDcp is already trading at levels pre that shocker after hour trading update last Friday. Also facing significant horizontal and downward trend line resistance around the R24 area. Confirmation of a break above R25 will invalidate the downward trend in place and ultimately invalidate the short setup
JSE:DCP Dis-Chem Big Down DayFollowing the downward stride (See post below) Dis-Chem was testing the overbought line. Some selling volume was noticed and today there was effort and response pushing the price down.
Dis-Chem Pharmacies - Failing To The TrendDischem Pharmacies is struggling to break back above the support zone of 2411c to 2430c. This level is now turning into a resistance zone while the downward trend line going back to the peak of 27 November 2018 is also serving as a resistance level . The RSI is rolling over, also losing support. Adding to the short term bearish setup is the 200-day MA which is acting a resistance level and trending lower. Fundamentally, we've seen high multiples go even higher ( CLS ) but at 28x earnings the share remains highly valued, meaning high expectations.
JSE:DCP Dis-Chem Downward Stride Set to ContinueDis-Chem has been following a downward trend channel. It is currently at the overbought line which is also a backup to the previous breakout level. With some volume in the rejection of 2400 level Dis-Chem is set to continue the downward stride.
Dischem- daily possible Inverted HS confirming.DCP is attempting to break the neckline of a 3 month inverted HS pattern. wait for the close above R24.00 for confirmation.
RR: 1:1.5
Dis-Chem Bullish SentimentThe skills and knowledge we apply in currencies can also be applied in any other market, how so?, as long as there is a chart, technical analysis can be used to predict and/or determine future movements, along with fundamentals and economic events.
Here is a possible investment opportunity for those interested in owning shares.
Good Luck ;)
$JSEDCP Dischem - Fake bull flag break ? Stop loss will be triggered if this fake break proves to be correct by day end.
$JSEDCP Dischem Breaking out from a bull flag after resultsIf it can maintain momentum from this flag breakout 3000 could become a target.
$JSEDCP Dis-Chem: Bull flag in the making and results due 7 MayBull flag break could result in the 2nd target just shy of 3000 to be reached. Results could be the break trigger. If not in a position yet, wait for the break.
$JSEDCP Dischem Break from a consolidation pattern. Dischem is breaking out of a 3 month consolidation pattern. If it can maintain momentum above the consolidation pattern the targets are 28 & 30 respectively.
JSE:DCP Dis-Chem Range within a RangeDis-Chem has started a long term and large Trading Range in June 2018. The range boundaries have been set in Phase A between R24 and R35. After a Selling Climax (SC) and Automatic Rally (AR) we have now seen a Secondary Test (ST) of the SC lows. A small TR has now formed at this support and we have seen a Spring. We are now expecting a markup out of the small TR and mark up to the highs of the larger TR at R35.
DIS-CHEM PHARMACIESDis- Chem going bullish for today, Im only looking to buy to my TP at the 2832 zone.
Discherm consolidating for another move lower?I previously missed entry for a short trade when the price broke to the other side of R28.
On the daily chart, price seem to be consolidating again for another move lower.
With a trading update due in the 2nd week of February, I'm monitoring the R26 area for possible entry into a short trade.
Discherm now on the other side of Bear flagLast Thursday (17 Jan) we saw the price break the support on the bear flag which had formed on the daily chart. With a Trading update expected in early February (which I'm expecting to be bad) I'm expecting further downside.
I'm calling a short on DCP on a restest of the breakout level around R27.50. A price of R28.50 will be my signal to get out.Take profit target is R25.
Short sell Dis-chemThe stock has become over-bought rather quickly thanks to the recent rally. The rising price has taken the stock right back up to a rather strong resistance line that developed during that horrible May price plunge.
So what we are seeing now is a price that is over-bought at resistance...that is a sell signal.
Here's the levels I've got in for my clients
Sell (short) DCP (CFD) 33.70/33.95
Stop loss 35.20
Profit target 30.10
