To say Shoprite had an “up and down” October would be an understatement. The decline in the share price since mid-October was partly due to the Rand implosion as well as a mediocre operational update.
What the price action has achieved though, is that it has brought Shoprite back down to a nice rising support level. Holding above its 200 day moving average, Shoprite looks ready for a bounce for a re-test of its top Bollinger band (2 standard deviations from the mean).
My buying momentum indicator seems to be ticking up at current prices so I am looking for some follow through from here
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Here’s to trading profits,