WELL DONE! where is your profit target? technicall you should have bought last thursday afternoon. fundamentally i read a report truworths fundamentals are strong. now the next big ? what is your exit strategy?
Wave 4 high today(67.92) close to wave 1 extreme at 68.54 which also forms resistance. So if closes above or if high above 68.54, then invalidates wave 4 and wave 5 unlikely.If strong resisitance at 68.54, then wave 4 confirmed and wave 5 likely to follow. So wait and see,can go either way until technical level of 68.54 tested....
I see reverse head and shoulders with buy signal on 17 Feb at 64.82 for a +/- R4 profit which was reached yesterday. Today seems like end of wave 4 and possible wave 5 but weekly still oversold so not a high probability short. Conflicting siganls-best position is NO position at this time.
I'm short TRU, long WHL since WHL announced results, up 6% on the pair. Market is loving WHL at the moment and WHLTRU a favourite pair of the market neutral brigade. I'd suggest that interpreting TRU shareprice on its own technically in the short term is a nightmare. Disclaimer - I've never been on a technical trading course or any of SBK's courses, I thought a Bohlinger band was a Zim rock band sponsored by the beer maker up there until I realised the spelling is different.
Great when you can find the diverging pairs and works well with retail stocks.Shoprite and Massmart was another some time back.Anyway, I thought MACD was a name for a person with initial M, like Johnny K.Anyway, the less said about the MACD ,the better.