Long Idea on SHPPrice is breaking out of this ascending triangle and closing above 18552 level which has been a key prior level of resistance on the monthly chart. Will be adding to my long position here and this is also a good position for a long at 18690, ST term limit 21300 if you trade using targets with a nice R/R in this trade of 1:3. LT price trend is up, remember to always manage your risk.
SHP trade ideas
SHP: time for a throwback?Below 18800 supports a bearish trend direction.
Remains close to the upper range of the linear regression channel pattern.
Further supported by the price action close to the upper range of the Bollinger Bands.
In overbought territory - confirming an overextended price action to the upside.
Downside price momentum supports the bearish trend.
Upside price momentum also peaked - supporting the bearish trend.
SHP - Short Term PerspectiveShoprite SHP, 18083c
Earnings due Tues, 07 Sept. The last two reports saw the share price rally then retrace. At current levels, we have had a strong run and technically I am expecting a consolidation following the move from ~15700c to the high of 18400c. It is also possible that the price 're-tests' the breakout level before continuing it's advance. Note the MACD nearing a negative crossover, similar to the ones seen in Sept-2020 and April-2021. Technically, fresh buying preferred sub-16800c.
Most recent trading long at ~R158 and portfolio long at just above R100 in July 2020.
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Shoprite ready to moveWeekly chart.
The stock formed a nice base at the COVID-19 crash. Shoprite is arguably the strongest retailer in our market. Nice ascending triangle pattern staying on the right side of the 200 week EMA. I’m watching the R162 level quite closely.
Daily chart
A slightly faster paced ascending triangle pattern forming on Shoprite. I’m waiting for a break through the R162.50 level to add to my position and trail my stop loss to R153.50 just below the 50 day EMA.
Market Neutral/Pairs Trade Idea: Long SHP/Short WHLOn a relative basis, it appears as if consumer discretionary is being sold off while consumer staples are being bid (see 24/05 pair long VOD/short TFG). Third wave theme still relevant?
I continue to favour Shoprite (SHP) and we could pair that with a short on Woolworths (WHL).
On this basis, we employ a market neutral strategy.
Trade Levels:
Current (Ratio: 3.00)
Entry Range: 2.97-3.03
Stop: 2.85
Target Range: 3.24-3.28
$JSESHP Shoprite Bull flag targetAfter the bull flag break at around the 13800 the flag was tested twice. The last test was around the 13100 level before a very powerful move to the first target of 16083. That level has now been reached. A second target for this flag pattern around the 16750 level remains.