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SHOPRITE HOLDINGS LTDSHOPRITE HOLDINGS LTDSHOPRITE HOLDINGS LTD

SHOPRITE HOLDINGS LTD

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SHP trade ideas

Inverted Head and ShoulderI think this JSE stock might be staging a recovery! There is a very clear inverted head and shoulders pattern with very bullish price action following the last diagonal breakout above the Weekly 100 SMA. I think a Weekly close above 141 could see a prompt move to initial resistance from the Yearly R1 and Weekly 200 SMA @ 160 and after a brief consolidation period (or re-test) a full target of 182 before the end of the year. Support will at present be provided by the Yearly Pivot @ 127
JSE:SHPLong
by FXAutomate
Multiple patterns on the shoprite chartA combination of a bullish flag, Cup and handle, and a bullish divergence on Shoprite. The share looks very good on the long side with some wind at our back. Looking to enter at the break of the bull flag, and then add to the trade on the break thought R151 confirming the cup and handle pattern. And accordingly adjusting the stop-loss. But for now my stop is around R123, below the low of the handle/flag. Read the week 2 game plan - villagetrader.co.za
JSE:SHPLong
by VillageTraderZA
1
Shoprite Analysis I dont often miss the train but when i do, I regretfully sit and wait for the next one. Here we have shopright which i have been eyeing since beginning of July, my only reason for not catching this train was alarming results from my fundamental analysis which raised so many questions especially when compared with its competitors (except Woolworths). From R 100 a share, Shopright peaked to R 150 after amazing results where shared and a expected we can see the excitement dying down a bit. Looking at a daily chart however it does seem as though the share price is gearing up for a reversal as the recent rally has comfortably broken the hanging downtrend resistance that has been hanging since 2018. Taking a closer look, we have a support line at R 132 and the share price seems to be respecting the uptrend support as well. If this trajectory continues, we will test the R 150 resistance again. A negative outlook will see the share price test and possibly break the R132 support line as excitement dies down. Careful to note as-well that there was a gap created recently, and there is a chance as always that the gap would need to be closed. For now I’m holding out and will probably wait for the next train. Trade safe and good luck.
JSE:SHP
by AfroTez