TRUWORTHS' Twofold Trade

Thursday 21 November 2024 (Time: Pre-Market)

BEARISH SETUP: Pre-Peak (29 October) = "Do Not Chase, May Fail At It's Attempt To Hold It's Highs, Which Would Open Up A Short Sell". During the next session (30-Oct), the share peaked, failing to hold it's highs, which was followed by a bearish reversal from 11300c to a low of 9737c (-13%).

BULLISH SETUP: Pre-Trough (14-Nov) = A significant intraday sell-off as it opened above 10200c and closed the session at 9858c. End pf reading = "The reward-to-risk is becoming attractive for a small buy/long position". The following session, the share offered traders to buy as low as 9750c, which was followed by a bullish reversal to yesterday's high of 10452c.

Lester Davids

Analyst: Unum Capital