$JSESHP - Shoprite: Off Like A Rocket, Buy The Dips
The last coverage of Shoprite was on 01/02/2023, link below.
Shoprite traded a lot lower since the initial coverage but has caught a massive bid since 31 May.
I have yet to dive deep into what could have triggered the buying but the technical picture has become clearer.
The stock has made a large, sideways Flat pattern from the wave (3) peak of 24723.
From 24723 to 19342 the share made a zigzag pattern for wave A.
From 19342 to 25490, this was a more simple yet larger zigzag pattern for wave B.
From 25490 to 19165, the move unfolded as a five wave ending diagonal for wave C, terminating just below wave A.
The bulls seem to be in control now and the short-term price target is 25490.
Buy the dip but looking at the momentum, the dips might be shallow and short in duration.
Shoprite traded a lot lower since the initial coverage but has caught a massive bid since 31 May.
I have yet to dive deep into what could have triggered the buying but the technical picture has become clearer.
The stock has made a large, sideways Flat pattern from the wave (3) peak of 24723.
From 24723 to 19342 the share made a zigzag pattern for wave A.
From 19342 to 25490, this was a more simple yet larger zigzag pattern for wave B.
From 25490 to 19165, the move unfolded as a five wave ending diagonal for wave C, terminating just below wave A.
The bulls seem to be in control now and the short-term price target is 25490.
Buy the dip but looking at the momentum, the dips might be shallow and short in duration.
