Weekly chart.
The stock formed a nice base at the COVID-19 crash. Shoprite is arguably the strongest retailer in our market. Nice ascending triangle pattern staying on the right side of the 200 week EMA. I’m watching the R162 level quite closely.
Daily chart
A slightly faster paced ascending triangle pattern forming on Shoprite. I’m waiting for a break through the R162.50 level to add to my position and trail my stop loss to R153.50 just below the 50 day EMA.
The stock formed a nice base at the COVID-19 crash. Shoprite is arguably the strongest retailer in our market. Nice ascending triangle pattern staying on the right side of the 200 week EMA. I’m watching the R162 level quite closely.
Daily chart
A slightly faster paced ascending triangle pattern forming on Shoprite. I’m waiting for a break through the R162.50 level to add to my position and trail my stop loss to R153.50 just below the 50 day EMA.