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Online Share Trading

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Correction?

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Contributor
Is Shoprite in for a correction after that big run?
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5 REPLIES 5
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Valued Contributor
why ?? have a look at the chart of CPI .. what goes up can continue to ggo up for way longer then anybody thinks ..
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Super Contributor
Dont bank on it, Shoprite will only rest and then move up again!
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Super Contributor
a cross-over and sister stock confirmation would be nice
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Frequent Contributor
Well, I think so. I'm holding SHP right now and will not sell though (I'm done trying to predict tops and bottoms). My strategy now is buy and hold forever. Anyway, I think SHP is going to correct (i.e to around the R80 level) in the foreseeable future, because: (1) if you look at the 200dma/50dma the current price is way above that; (2) The RSI (so is most of the other indicators) is moving downwards, price moving upwards - that's a bad sign. (3) SHP came out with a trading update (which I thought was pretty good), yet the price fell 1.6%. Fundamentally, if a share price stays stationary on good news it's bad, if it falls, it's very bad. (4) I'm saying R80, as there is strong resistance at that level. I'm not saying abandon this excellent company - I only say you SHOULD have bought a year+ ago. Short term sell, long term hold. IMHO! IMHO! (Disclaimer: I'm a humble Java programmer, driving an old Nissan Sentra - don't believe a word, I'm saying :))
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Valued Contributor
could be worse .. could be a Datsun ..
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