JSE:GRT - Intraday break (D)JSE:GRT - Breaks below the rising trend line on intraday basis (1178). Opens up 1130 on the downside
GRT trade ideas
Weekly game plan 4 Oct 2020 - GRTA break above the resistance cluster here could offer a good long entry.
$JSEGRT Growthpoint. Channel tradingClose to the bottom of this channel and support. A small position can be taken with a top of channel target. Very volatile, stick to stop losses.
Will be monitoring a possible false break in GrowthpointLocal property, in general, has been struggling for the past 2 years, with good reasons. I just finished my report (will publish here soon) on the sector and although many of these reasons still persist, there are some reasons to slowly but surely put the sector on your personal "BUYING-RADAR". My personal preference still lies with the biggest counter in the sector.
Looking closer at Growthpoint (GRT), one can clearly see how the share price broke through one of it's strongest support levels (over a period of 6 years) recently. I do however feel that GRT found itself in the perfect storm and should be monitored closely.
Price currently in EXTREME OVERSOLD according to its 14-day RSI.
Very important stat to mention is the fact that for the first time since 2004, GRT's Historic Dividend Yield (10.6%) is trading above the South African Prime Rate (9.75%). Yes, I know with the tough economic environment locally, rentals could still remain under pressure for quite some time. So let's say we see a decrease of 20%. Even if this happens, which at this stage remain highly unlikely, we still have GRT trading close to 2.5% higher (yield) compared to money market.
If I was a short-term trader (which I'm not), I would use the 21-day Moving Average (EMA) at R21.13 as my confirmation and entry-point. Top of the diagonal resistance would be my first target (R22.00 - R22.20). Over longer-term I do believe GRT offer value.
JSE:GRT Growthpoint Markdown Gaining MomentumGrowthpoint has been undergoing distribution since 2013. After an upthrust after distribution (UTAD) and last point of supply (LPSY) the trading range has now been broken and the markdown is gaining momentum. (See posts below following the markdowns start)
GRTGrowthpoint Properties – Breaking down from a key level here. See the Triple Top technical formation? Lowest monthly close in 7 1/2 years.
Possible ReversalJSE:GRT is trading at a previous support level from all the way back in December 2015.
If it fails to break through this level, we could possibly see a retracement or a reversal.
I will keep an eye on this one for a possible long opportunity.
GRT shortGrowth Point is looking extremely vulnerable,it is testing support,one could consider going short should a break of support occur(A daily close below the support level)
JSE:GRT Growthpoint Selling PressurePatiently following the distribution of Growthpoint (see posts below). Last week was a high volume down week indicating that the decline could gain momentum and break below the trading range (TR).
Descending Triangle on GrowthpointJSE:GRT is showing a descending triangle pattern which is a neutral candle pattern. Depending on the breakout, we could be looking at a move in either direction. Keep an eye on this one for when it breaks out.
$JSEGRT - Breaks lower (4hr)$JSEGRT pushes below the rising support trend line that's been in place since beg of Oct 19
Gap to fill on GRTJSE:GRT formed a gap between the 1st and 2nd of October that it looks like it might fill soon. Gaps are generally quite tempting to close for traders. The stochastic seems to be turning up, which is also a sign of a possible reversal. Keep an eye on this one for confirmation of a long position.
JSE:GRT Growthpoint Falling through the IceFollowing the larger distribution trading range (TR) of Growthpoint (See link below) in Wyckoff speak we are falling through the ice. This the markdown in Phase D taking place. We are now looking for a break of the trading range (TR), a backup (BU) and then the markdown to start in Phase E is expected to start.
GROWTHPOINT - broken through strong fractal levelJSE:GRT bounced off of a support level earlier this week and it has broken through a fractal level that it has been struggling with. It is looking good for a long position.
Can we do another round??Lets have this baby go up again while we are awaiting a breakout on this rising flag!!
GrowthPoint - Property still Safe as House?I know local property has been the “ugly stepsister in the family” for the past year or so, but Growthpoint is looking like a nibble. Since September last year (2018), the share price found support around the R23 levels. With the recent pullback in both the market and Rand, we’ve seen the share price back at the R23 levels and extremely oversold according to its 14-day RSI. It also lagged the struggling $JALSH performance as well.
I still believe that the group are well diversified enough, to weather the current storm and with a close to 23% of its net property income coming from Australia, are well diversified geographically. Locally, it has been tough, but with 6% of its net property income coming from V&A Waterfront, it’s a clear indication about the quality of their portfolio.
With a historic DY of 9.23% (income) and a consensus target price (according to Thomson Reuters) of R25.17, I do believe the company should be pricing in the full extent of the challenging environment.
With a clear descending triangle pattern on GRT’s share price, I would be very cautious about the R23 support level. Should the current support hold, I would watch both the 50-day & 200-day moving averages (at R24.30) as first point of resistance. Should that break, we could most probably see the share price test the top of the triangle (R24.50-R24.60), with a break and close above those levels being very positive for the GRT share price. This could see the share price being inline with consensus target prices as mentioned above.
GRT Piercing LineJSE:GRT is showing a piercing line pattern which is a bottom reversal pattern.
Definition of Piercing Line: After a preceding downtrend, the green candle opens below the previous days close and closes above 50% of the previous red body. The candles MUST be different colours.
Grindrod Daily Close CluesA close back in the channel for Grindrod looks like we might see a bottom forming here
JSE:GRT Growthpoint Distribution Complete?Growthpoint has been in a trading range since 2013. After a good uptrend, there was a throw over of the upward stride and a climax formed. The volatility to the downside has increased and Signs of Weakness (SoW) can be seen. Now after an Upthrust after Distribution (UTAD) and a test we have now seen a Last Point of Supply (LPSY). Looking for a high volatility breakout to the downside for the markdown to begin.
