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THE SPAR GROUP LTD

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SPP trade ideas

Spar Group (SPP): Breaking OutSpar has been in a downtrend with price seeking a yearly low point. Now price has done the following: 1. Broken out of downtrend channel 2. Closed above the 30DMA & 200DMA 3. Price seeking to confirm a daily cycle low, favouring 28 February as the day 4. Price action exhibits some traits of stage analysis breakout, high volume to break the 30 week moving average albeit no big base for stage 1 Current price level is a good entry point, with a strict stop-loss at R141.50
JSE:SPPLong
by runyamhere
$JSESPP - Spar Group: Is The Big Bear Finally Over?The last time i covered Spar was on 12 July 2022 and i forecasted buying potential at a key support zone. Spar did catch a bid at R129,09 but that rally was short lived and proved to not be the bottom. The share price was decimated on the 16 of November 2022 after the release of the annual results for FYE'2022. The share price seems to found buyers at R112,98 and this has prompted a re-evaluation of the wave count from R213,47 back in February 2021. The updated wave count implies that waves (1) to (5) are complete. For this view to remain valid, price must hold above R112,98. Not one to chase momentum, i recommend waiting for a pullback or consolidation before joining the bulls.
JSE:SPPLong
by Loyiso_BlaqueSoros_Mpeta
$JSESPP SPAR Group Ltd - Could SPAR Catch A Bid At Support ZoneSince peaking in February 2018 at 22700 zac, SPAR has retraced 40% but is hitting a critical support zone. From an Elliott Wave perspective, the decline from the all-time high to the March 2020 covid-19 sell-off low at 14225 zac unfolded as an ABC zigzag for wave (A). Wave (B) made a deep 88.6% Fibonacci retracement to peak at 21347 zac. The current sell-off from 21347 zac seems to be unfolding in a textbook five wave impulse with wave 3 subdividing in a clear five waves, wave 4 does not overlap with wave 1 and wave 5 seems mature. At this stage there is no price action evidence that a turn-around is imminent but price is trading at historical support/resistance in the 13484 to 10730 zac zone. To create confluence, the 12872 to 10872 zac zone represents the price area where wave (C) is a 1.00 to 1.236 Fibonacci multiple of wave (A), a common ration for a (A)(B)(C) flat pattern. Momentum is still clearly to the downside but this is a chart worth watching in the short-medium term.
JSE:SPP
by Loyiso_BlaqueSoros_Mpeta
Trade Setup: Spar GroupUnrest in certain parts of South Africa has seen some retailers come under pressure. For some, such as Spar, the restrictions on alcohol have place additional pressure, with investor sentiment souring because of the uncertainty. At the current short term depressed levels or better it may be an opportunity to purchase these shares on the expectation that sentiment improves, and investor interest returns. Trading Levels: Buy SPP in the range of 17100 to 17450 (close to swing support) Stop-loss: 16770c Target Range: 18500c to 18800c
JSE:SPPLong
by LD_Perspectives