TRU: change in trend direction to bullishA price action above 5750 supports a bullish trend direction.
Crossing below this level will negate the bullish stance.
Upside price momentum supports the bullish trend direction.
RSI leaves enough room for further upside price potential.
MACD crossover confirmed a change in trend direction to bullish.
TRU trade ideas
TRU: Share Corrects, Reflecting Tru WorthThe move in line with our monthly chart technical view.
Truworths sold off sharply today (-12.5%) on the back of their results released after yesterday's market close. The move lower has aligned with our 02-August comment, suggesting that long term holders should consider reducing.
Based on the monthly chart, the view took into consideration the prior support acting as a potential resistance zone.
The original comment on 02 Aug (with annotations on the chart) was follows:
Truworths International Ltd(TRU, 6180c ) | Bottom Line: Price testing 200-week moving average. Long-term holders consider reducing. Key Points(s):The group provided a business update for the 52-weeks ended 27 June 2021 indicating that the business has been materially affected by the impact of the pandemic. Reviewing the long term (weekly chart) we note the price having advanced strongly off the March 2020 lows however, the price is nearing a resistance range, that being the previous support, which may now act as resistance, as well as the 200-week moving average. Long term holders should consider reducing positions at or around current levels. MONTHLY CHART
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Long idea on $TRUPrice has broken the trendline and moved up to close above the Weekly EMA200. The move higher in price is being supported by volume. Interesting to note is that historically price has traded in this range previously. Price could reach the 5845 level and pullback before moving higher.
JSE:TRU New Years ActionJust before the holiday break, we could see some interest in Truworths - See post link below. Now early in the year, we can see this buying pressure starting the markup with signs of strength - relative large up bar with high volume for this time of year. Will be looking for a push back to R60 - R80.
JSE:TRU Truworths Mark-up?Truworths has been marking down from a previous trading range at about R75. We are now seeing some accumulation that could be the start of a back-up back to that trading range. We have seen signs of strength throughout this accumulation. After the selling climax, we saw signs of strength (SOS) taking price above the automatic rally (AR) and then being unable to properly break back into the trading range. Now after another SOS we have had a back-up to a last point of support (LPS) and what looks like the start of the mark-up into the new year.