top of page
Writer's pictureLester Davids

Richemont: Pullback In Line. Next Levels To Monitor - Tuesday, 03 September 2024

Pre-Market

Ticker: CFR

  • My model's reading at the recent short term peak looked for a pullback over the short term (1 to 10 days).

  • We have since seen 7 consecutive red candles, in line with the model.

  • The 61.8% Fibonacci retracement level and the 200-day Simple Moving Average (SMA) could act as an ultra short term support zone. This is at approximately R2740 (subject to change as the price action develops).



 

Previous Post (22 August) - Richemont is overbought. Here's what the data says.


• REAL-TIME: 15h30


 

ABOUT THE TACTICAL TRADING GUIDE:


Technology + Proprietary Insights has helped to develop automated tools and strategies that are used to identify potential trading opportunities as well as highlight potentially significant technical developments across various time frames. This page highlights readings from our Tactical Trading Guide (Price Action Tool) which is also available as a live tool via the telegram group. The tool provides automated price analysis for any tradeable instrument across 3 time frames: short (short term), medium (medium term) and long (long term). Readings are subject to change, based on the development of the subsequent price action.


The tool helps to determine and shed light on the some of the following:


  • Whether the reward-to-risk is attractive for a buy/long position?

  • Whether a share is weak or if aggressive buying is underway

  • Whether a trader can look to buy a pullback into a key moving average (continuation trade)

  • Whether a share needs to break a range for a new trend to be determined (bullish or bearish)

  • Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal

  • Whether a share could start a consolidation phase

  • Whether the upward momentum is slowing (if it's in a bullish phase)

  • Whether buyers can look to 'phase in' to a position (if it's in a bearish phase)

  • Whether a share lacks directional bias


Lester Davids

Analyst: Unum Capital


6 views0 comments

Comments


bottom of page