An update on the related idea dated 29/03 (see attached).
Yesterday, JSE consumer staples showed relative strength versus consumer discretionary.
- PIK (5727c) is breaking to the upside of a 12-month rounding bottom which also includes a smaller inverse head and shoulder as well as a pennant. The 5700c to 5730c level is looking to be cleared and should be held to trigger a buy/long.
- Year-to-date, we the share has made a series of higher lows while the RSI is in a bullish regime with a 62 reading.
- Temporary failure below 5518c
- Target Range: 6180c-6340c
- The share does appear elevated on a fundamental basis (PE of ~24x) however the price action is strong.
Yesterday, JSE consumer staples showed relative strength versus consumer discretionary.
- PIK (5727c) is breaking to the upside of a 12-month rounding bottom which also includes a smaller inverse head and shoulder as well as a pennant. The 5700c to 5730c level is looking to be cleared and should be held to trigger a buy/long.
- Year-to-date, we the share has made a series of higher lows while the RSI is in a bullish regime with a 62 reading.
- Temporary failure below 5518c
- Target Range: 6180c-6340c
- The share does appear elevated on a fundamental basis (PE of ~24x) however the price action is strong.
