SPP trade ideas
SPPSpar Group (SPP) | Buyers at R160, but for how long? Trading at the lower boundary of a 5-year rounding top. How long will R160.00 continue to hold? Accumulation/Distribution rolling over. RSI in a bearish regime. A monthly break & close <155.00 opens up ~134.00 to 130.00. Monthly Chart. Last Close: 162.54
Shorting Spar's "TOPS"- We're in Looking at Pick n Pay's implosion today, I cannot see how Spar is going to fare any better. Anyway....From a technical perspective, Spar is reaching overhead resistance at about the 200 day moving average and has often been sold down at these tops which can be seen by the long upper tails that have failed to create new daily highs. So we have gone SHORT ahead of the results with a technical target in mind. We entered the trade at 18150 with a target of 16800. We're only risking 2% of the portfolio at stop loss (around 18800)
SPAR - #JSESPP - Bear flag breakout- Price has retraced back to the 200MA dauily where it was met with fierce resistance
- It has broken out of the bearish flag pattern on decent volume and suggests futher weakening towards the lows around
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
JSE:SPP R153
SPP- Head & Shoulder FormingA classic Head & Shoulder Formation with a neckline around R197. Should the weak consumer environment continue, expectations for much of the upside to be capped or priced in given recent decent set of results. A material break below the neckline, could initiate a move towards R182 support levels. A move above R206 potentially invalidates this setup
Spar Group Equities Local | Spar Group | It's the bearish candle structure that causes me to be weary of aggressive positions in this name. In fact, a possible head and shoulder formation that has been building since 22 October could see the consolidation break to the downside. Buying support over the period has been 19543 however a loss of this level would see selling pressure accelerate with a measured target of 18284c. Stop-loss: 19800c.