TRU - Last Line of SupportWe may derive the following from the Weekly TRU chart:
1. Price is still declining rapidly.
2. A weekly support and long term low is approaching.
3. Price i.m.o should find a few bids at that level.
4. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
TRU trade ideas
TruworthsTruworths ‘invalidating’ the bearish rising wedge pattern which had formed,by breaking to the upper side of the wedge pattern.
Just above the wedge pattern, we have horizontal resistance just below the R78 mark, and we look set to close above that resistance level.
Rand is still weak, most SA inc. stocks pulling back today, but Truworths seem resilient somehow.
Elections in 2 days’ time, anybody’s guess if it will continue pumping higher and cut through its 200dma at R80.
I will watch it for now.
The Truworths Sale -(TRU) SHORTI will tell you off the bat that I am bearish on the whole retail sector and already have a short on Shoprite (SHP). Looking at Truworths now, it looks like the rally is fading with the price now heavily over-bought and some negative divergence creeping in on the RSI.
TRU is approaching a short term resistance point which I think can be shorted for a move back to mini support.