$JSETFG - The Foschini Group: A Cluster Of Buy Signals
After a staller run from the March 2020 lows, TFG peaked at R166,88 in June 2021 and has had a strong bear market correction.
From an EWP perspective, this bear has unfolded as a zigzag labelled wave (A) to wave (C) and the (B) wave unfolded as a sideways triangle pattern.
The entire zigzag has been almost perfectly contained in a descending channel and price has recently bounced off the lower trendline at R96,68.
The short-term view is that R96,68 could potentially be a significant bottom.
The MACD adds to the conviction as there is MACD/price convergence and the MACD has started to turn up aggressively with increasing momentum and has just broken above the zero-line.
trade:
buy: @ market
stop-loss: @ R96,00
From an EWP perspective, this bear has unfolded as a zigzag labelled wave (A) to wave (C) and the (B) wave unfolded as a sideways triangle pattern.
The entire zigzag has been almost perfectly contained in a descending channel and price has recently bounced off the lower trendline at R96,68.
The short-term view is that R96,68 could potentially be a significant bottom.
The MACD adds to the conviction as there is MACD/price convergence and the MACD has started to turn up aggressively with increasing momentum and has just broken above the zero-line.
trade:
buy: @ market
stop-loss: @ R96,00
