Shoprite consolidates above ascending triangle breakoutConsolidation above the Ascending Triangle is a good thing. R140 - R150 is on the cards.
SRGHY trade ideas
Ascending Triangle on ShopriteBullish ascending triangle developing on the SHP daily.
Confirmation is a break of the R130 resistance area, which also coincides with the 50dma
SHP: a correction rally unfolding?Improving technical trend score according to our property technical analysis methodology.
The idea is regarded as a counter-trend rally as the overall trend remains bearish. Apply proper risk management and adjust risk accordingly.
Crossing above its 8-day simple moving average.
Crossing above its 13-day simple moving average. First signal in the last 20 days.
MACD bullish crossover. First signal in the last 18 days.
Parabolic SAR bullish trend change. First signal in the last 18 days.
Heikin-Ashi bullish candle.
Crossing above its 8-day linear trend. First signal in the last 22 days.
Retracting from RSI oversold territory.
Time to exit: +/- 20 September 2019
SHOPRITE CorrectionVery strong fibonacci levels between 0.5 and 0.236 within a lengthy bearish trend.
This retracement is imminent and will see the price reach the 15000 level.
Good luck and follow me for more!
SHP possible reversalJSE:SHP is looking positive for an upward reversal. If it breaks through the fractal level of 2 September, I will consider a long position.
Pairs Trade Idea: Long Shoprite/Short Woolworths Pairs Trading: A pairs trade is a trading strategy that involves matching a long position with a short position in two instruments (stocks, commodities, inidces etc) with a high correlation. It is a market neutral trading strategy enabling traders to profit from virtually any market conditions: uptrend, downtrend, or sideways movement. The strategy monitors performance of two historically correlated securities. When the correlation between the two securities temporarily weakens, i.e. one stock moves up while the other moves down, the pairs trade would be to short the outperforming stock and to long the underperforming one, betting that the "spread" between the two would eventually converge. The divergence within a pair can be caused by temporary supply/demand changes, large buy/sell orders for one security, reaction for important news about one of the companies, and so on. On the local market examples of pair trades include Long Shoprite/Short Woolworths or Long Anglo American/Short Sasol.
Pairs Trade Idea: Long Shoprite/Short Woolworths - In the short term, SHP appears excessively oversold vs WHL. On Friday, the RSI closed at 13, the lowest level since 2003 (as far back as the chart data goes). This pair (Long SHP/Short WHL) could be a mean reversion opportunity in short term.
South African Retailer PairRetailer pairs idea from @Lesater_Davids
+SHP / -WHL at 2.0330 with a target of 2.235 and SL of 1.932
SHP Short continuationSHP Running to bottom of TR
with no Resistance / support levels in sight
i will monitor this one closely
Shoprite | Rally fades, 2014's lows come in focusTuesday saw a massive rally in SHP - 9%, it's biggest rally in 22 years.
The cause: A warning that profits would fall by up to 20%, but on flip side, a strong increase in sales in the South African market.
By Friday morning however, the buyers had given back a lot of their hard fought gains.
Switching to a weekly chart (an early call yes, the week isn't over) we can see just how far off the highs price has come.
I don't think the current down trend is over and still favour the short side down to 13800 and possibly to 12600
Shoprite Short Target ReachedShoprite didn't take long to hit the R128 mark, the less than impressive results exacerbated the slide.
$JSESHP Stopped out early - channel break feels uncomfortable $JSESHP Stopped out early - channel break feels uncomfortable
$JSE-SHPJSE:SHP
Closed bellow 15000 yesterday.
If it holds bellow target is around 12500-13000 area.
$JSESHP Mirrors daily picture - close above R161 confirms$JSESHP Mirrors daily picture - close above R161 confirms
JSE:SHP Shoprite Trading in a rangeAfter a selling climax (SC) in January price has formed a trading range (TR). Currently, the price is ranging defined by the SC and automatic rally (AR). Volume is reducing phase B. Currently the bottom of the range is being tested. Once the test is complete and TR holds the top of the range could be tested. However, it looks like a large base is being formed that may take some time to resolve.
SHP - Approaching SupportLooking at Shoprite, we may derive the following from the daily chart:
1. A range channel has been forming.
2. Price is approaching support.
3. It should either bounce or break lower.
4. I believe price will most likely go lower considering that the overall trend has been down.
5. As always - maintain your risk management.
Let's see what happens.
Note: The views provided herein do not constitute financial advice.
