City Lodge C&H potential but need to wait - Target R6.51

Cup and Handle seems to be forming on City Lodge.

There are signs of a rounding cup, a handle that is in the process and now it needs to complete.

Once the price breaks above the brim level, it'll be more positive for upside.

7=21 = About to cross
Price>200 - Bullish
RSI>50 - Pointing down?
Target R6.51

WARNING is that the previous trend was sideways. We are not a fan of buying breakout when the market is going no where slowly.

HOWEVER, if you look farther back you'll see there is a MASSIVE W Formation that is also showing since May 2022.

So if we get a break above the neckline, this could be a fantastic medium to long term hold as well.

ABOUT THE COMPANY

City Lodge Hotels Limited is a South African company that operates a chain of budget hotels. I still think City Lodge is better than many international hotels "budget" chain. I mean, budget hotels in Switzerland are like motels in America (Just saying).

Founding: City Lodge was founded in 1985 by Hans Enderle.

Public Listing: City Lodge was listed on the Johannesburg Stock Exchange (JSE) in 1987.

Brand Portfolio: The company operates under various brands including City Lodge Hotel, Town Lodge, Road Lodge, and Courtyard Hotel.

Expansion: City Lodge started with just one hotel in Johannesburg, and as of 2021, the group has over 50 hotels in South Africa.

African Presence: Besides South Africa, the group also operates hotels in Botswana, Namibia, Kenya, and Tanzania.

Room Count: City Lodge Hotels group operates over 7,000 rooms across its various properties.