Tigerbrands is coming down after M Pattern and Downtrend break
M Formation has formed on TBS.
This is from the prior downtrend showing difficulties for the company.
Now that the price has broken below, there is a higher chance of the market to drop.
200>21>7 Bearish
RSI<50 - Downtrend momentum.
Target R130.00
CONCERNS: If the JSE ALSI 40 rallies to new highs and breaks out of the Broadening formation, it might slow down the downside for the company.
However, with the negative fundamentals kicking in with the bad results as well as the resignation from the CFO. The fundamentals might override the upside for the JSE.
This is from the prior downtrend showing difficulties for the company.
Now that the price has broken below, there is a higher chance of the market to drop.
200>21>7 Bearish
RSI<50 - Downtrend momentum.
Target R130.00
CONCERNS: If the JSE ALSI 40 rallies to new highs and breaks out of the Broadening formation, it might slow down the downside for the company.
However, with the negative fundamentals kicking in with the bad results as well as the resignation from the CFO. The fundamentals might override the upside for the JSE.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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