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SHOPRITE HOLDINGS LTDSHOPRITE HOLDINGS LTDSHOPRITE HOLDINGS LTD

SHOPRITE HOLDINGS LTD

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SHP trade ideas

Top5 oversold/overbought according to RSI & ShopriteFTSE/JSE All Share Top5 oversold/overbought according to 14day RSI indicator as follow: Oversold: Intu Properties 21 Fortress Reit A 29 Ascendis Health 30 Telkom 32 Shoprite 33 Overbought: Prosus 78 BATS 77 Northam Platinum 72 DRDGold 69 Trencor 67 Spending some time on Shoprite. SHP been struggling to find a breakout from the current Descending Broadening Wedge pattern, which started its trend in October 2018. In short, a descending broadening wedge is considered to be a reversal pattern and is bullish indicator. Though the pattern is typically a signal of reversal, continuation of the downtrend is still possible. Since the end of August (2019), we've seen bounce off the bottom part of the wedge and a nice recovery in the share price since then. What should also be noted is that since that recovery started, how many times the share price found support at R120 (current level). By doing so, we've seen that SHP created a short-term Descending Triangle pattern, which could see the share price test R131 over the short-term if support (R120) holds. Not only will there be short-term resistance at the top of the Descending Triangle, but also the 50-day moving average, which coincides with these price levels (R131). A break and close above these levels could be very positive for SHP, which could very much see the share price test the top of the Descending Broadening Wedge. A break and close above R140, would be a formal break of the downtrend, which could signal a reversal. Next target/resistance level will then be the 200-day moving average at R145.33, with a break and close above these levels bringing my medium-term target of R160 into play. The share price finds itself in EXTREME OVERSOLD environment according to its 14-day RSI. A break and close below R120 (support), could very much see the share price seeking out the previous support levels of R110, which will be my stop-loss if I was a short-term trader. It is for this reason why I would rather wait for confirmation of a bounce off the R120 support line. On a fundamental basis, we still value the company closer to the medium-term target (above). Read our full report here: oldoak.co.za
JSE:SHPLong
by SchalkLouw
Shoprite Yesterday, the share price of Shoprite looks to be forming a bullish harami candlestick reversal pattern at the support level of the upward channel. The candlestick reversal would be confirmed if today’s candle closed in positive territory and above the mid-point of the previous candle. In this scenario, it suggests the end of the short-term pullback and continuation of the longer-term trend. The 14100 area would be the upside resistance target from the reversal, while a close below the low at 13045 would consider the failure of the bullish assumptions. www.ig.com
JSE:SHPLong
by Martintradingza
$JSESHP Cup & Handle breakout constructive Shoprite looks constructive for the bulls with the formation of the cup & handle formation. The break above the patterns resistance level @ R130 is an important technical development for the stock which should hopefully result in both technical targets being reached in the days/weeks ahead. First target at R140 is measured by taking the distance of the handle and projecting it upwards from the breakout level at R130. The second and full target level is measured by taking the distance of the bottom and top of the cup and handle formation from R110 and R130, and measuring it from the break, to give a full target of R150. The level of R150 was previously support before the stock broke down and will now likely act as resistance on the way up. Also take note of the 200 day moving average (green line) which sits at R158.40 currently and moving down daily. This could likely move lower to R150 by the time the price has caught up and would be another point of resistance which the stock will encounter should we see a swift movement higher as expected.
JSE:SHPLong
by MarcoOlevano
Shoprite Holdings LTD - Discount, Discount"Volume Weighted Average Price (VWAP) is the ratio of the value traded to total volume traded over a particular time horizon. It is a measure of the average price at which a stock is traded over the trading horizon." Wikipedia. (Blue Lines). I use a rule of thumb, never buy/long above vwap and never sell/short bellow vwap. Technically we are below the higher timeframe vwap's but we want the best price we can get on lower timeframes IF a reversal happens here, so we risk a trade setup finding undervalued prices at certain levels. This could potentially lead into a nice long term trade. Just use risk management and watch for that area in yellow circle. After that, you don't want to be in the trade anymore. Let's see!
JSE:SHPLong
by PonziCandle