FTSE/JSE All Share Top5 oversold/overbought according to 14day RSI indicator as follow:
Oversold:
Invicta 12
City Lodge 14
Eoh 15
Cashbuild 18
Tiger Brands 20
Overbought:
DRDGold 77
Harmony Gold 72
Goldfields 71
Royal Bafokeng Platinum 70
AngloGold 70
Spending some time on Tiger Brands. After a horrible trading statement last week, Tiger Brands not only dropped down to a new 52-week low, but also dropped down to levels last seen in March 2011.
Trading Statement:
Shareholders are accordingly advised that:
- Earnings per share (EPS) from total operations is expected to be at least 36% (or 311 cents) lower than the 864 cents reported for the same period last year.
- Headline earnings per share (HEPS) from total operations is expected to be between 533 cents and 478 cents, which is between 30% and 37% lower than the 762 cents reported for the corresponding period last year.
- EPS from continuing operations (including VAMP) is expected to be at least 35% (or 306 cents) lower than the 875 cents reported for the corresponding period last year.
- HEPS from continuing operations (including VAMP) is expected to be between 552 cents and 497 cents, which is between 29% and 36% lower than the 773 cents reported for the corresponding period last year.
This saw Tiger Brand’s (TBS) share price break a very strong 1-year support-line. Although TBS now finds itself in EXTREME OVERSOLD according to it’s 14-day RSI, traders should caution against trying to catch falling knives going long at this stage. I would definitely wait for the actual results, expected only on 25 May 2020, before doing anything at this stage.
For the brave I would recommend waiting for a confirmation and break above the 21-day moving average (at R187) before going long. This should place TBS back within the support-line, which could see this as a possible false break.
Oversold:
Invicta 12
City Lodge 14
Eoh 15
Cashbuild 18
Tiger Brands 20
Overbought:
DRDGold 77
Harmony Gold 72
Goldfields 71
Royal Bafokeng Platinum 70
AngloGold 70
Spending some time on Tiger Brands. After a horrible trading statement last week, Tiger Brands not only dropped down to a new 52-week low, but also dropped down to levels last seen in March 2011.
Trading Statement:
Shareholders are accordingly advised that:
- Earnings per share (EPS) from total operations is expected to be at least 36% (or 311 cents) lower than the 864 cents reported for the same period last year.
- Headline earnings per share (HEPS) from total operations is expected to be between 533 cents and 478 cents, which is between 30% and 37% lower than the 762 cents reported for the corresponding period last year.
- EPS from continuing operations (including VAMP) is expected to be at least 35% (or 306 cents) lower than the 875 cents reported for the corresponding period last year.
- HEPS from continuing operations (including VAMP) is expected to be between 552 cents and 497 cents, which is between 29% and 36% lower than the 773 cents reported for the corresponding period last year.
This saw Tiger Brand’s (TBS) share price break a very strong 1-year support-line. Although TBS now finds itself in EXTREME OVERSOLD according to it’s 14-day RSI, traders should caution against trying to catch falling knives going long at this stage. I would definitely wait for the actual results, expected only on 25 May 2020, before doing anything at this stage.
For the brave I would recommend waiting for a confirmation and break above the 21-day moving average (at R187) before going long. This should place TBS back within the support-line, which could see this as a possible false break.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.