Truworths has been trading in a wide range, gentle slope downward channel since hitting a peak of R68,09 in August 21.
Price has just broken out of the upper trendline on high volume, 5.63 million shares compared to the 1.48 million 20 day average.
The MACD also looks to gathering momentum above the zero line.
Volume and MACD are just additional factors that add to the conviction but that does not mean this is not a fake breakout so a stop-loss is recommended.
Aggressive traders can use the R60,76 as a stop-loss level.
Price has just broken out of the upper trendline on high volume, 5.63 million shares compared to the 1.48 million 20 day average.
The MACD also looks to gathering momentum above the zero line.
Volume and MACD are just additional factors that add to the conviction but that does not mean this is not a fake breakout so a stop-loss is recommended.
Aggressive traders can use the R60,76 as a stop-loss level.
