UPDATE: Pick N Pay down in the dumps target still to R10.76

Since the last update, we established Pick N Pay formed this M Formation which we were anticipating a break down.

The break down took place and we were initially hesitant as we expected conservative testing of resistances and demand zones.

But the fundamentals caught up to Pick N Pay, and the price continued its slump.

The company is struggling with the inflated prices, challenging distribution channels and of course Load Shedding having a major effect on the business and the suppliers too.

Unfortunately, we will continue to see downside for the retail giant and I hope it will make a come back in the next few years, as it has served an incredible element to South Africa and the variety of products unlike many places in the world.

The target remains at R10.76.