SHOPRITE: Strong Upside Follow-Through On Model Buy Reading. Here's What The Current Data Says

Lester Davids
Nov 11, 2024
2 min read

Monday 11 November 2024

Time Published: Pre-Market

My opinion about a share lies within the data. In other words, more and more over the years I have been reliant on the price action readings to guide my decisions. Not 'feelings' or 'gut feel', but the actual price action data. Take SHP for example. If you scroll down on this page, you will recall the previous post highlighting the Tactical Trading Guide which stated the short term reward-to-risk was appealing for a small buy/long position. This was on the morning of 22 October which was the same day that the share price stopped going down. The share has since rallied from R278 to above R314. Well done to clients who took advantage of the opportunity to trade. As of Friday's close, here's what the price action data says. Also shown, is the chart at the last close (i.e. Friday).

Previous Post: Operational Update Sparks Sharp Bullish Reversal (Tuesday 29 October 2024)

Time Published: 12h45

Strong rally on SHP on the back of it's operational update.

The idea last week Tuesday was based on the following:

- wait for a test of the 50-week / 200-day confluence, or an overshoot thereof (blue shaded area).

Also added to the note was a reading from the Tactical Trading Guide which where the short term reading (1 to 10 days) stated that the 'reward-to-risk was becoming attractive for a small buy/long position'.

Was R280, now R305.