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RICHEMONT N

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CFR trade ideas

CFRAnalysis - Extract from weekly report 01-05 Feb Richemont (CFR, 13986c)-Following a brief consolidation phase above the upward trending channel, the price has started to shift back into the channel, making lower highs and breaching the upward trend extending back to 30 October 2020 (yellow dotted). We also note the RSI in neutral territory with a 50 reading as it looks to break horizontal support (see upper panel). The first support level for the name comes in at 13477 which is the rising 50-day moving average. Daily Chart.
JSE:CFR
by LD_Perspectives
Hold the line in Richemont for nowWould keep a close eye on Richemont over the next few days. We just saw a break below the medium-term recovery trend. Should this turn out not to be a false break, could see the share price test R108 support level soon. A break and close below R108, could see CFR test the July lows around R104.40, with a break and close below this support level, bring back the long-term support level of R97, into play. As I still believe in CFR’s long-term value proposition, I would not necessarily call it a short at current levels, but would definitely holdoff on buying for now. The 14-day RSI is not OVERSOLD yet, which could see CFR test R100-R105 levels soon. Will revaluate lower.
JSE:CFR
by SchalkLouw