Shoprite showing strong downside to come to R177.11

2023年5月8日

Head and Shoulders has formed on Shoprite and the price has broken below the neckline.
200>21>7 - Bearish
RSI<50
Target R177.11

CONCERNS:
I don't like shorting strong companies generally especially when the JSE ALSI 40 is on a strong uptrend.

Revenue growth is up 17.20%
Net income Growth is up 14.70%
Average annual Revenue growth (15yr) up 11.08%
Net Margin is 3%
but ROE is -24.97%.

So it's unusual to see downside for this retail giant. But anyways, charts are charts and we have a plan in place.