Would keep a close eye on Richemont over the next few days. We just saw a break below the medium-term recovery trend. Should this turn out not to be a false break, could see the share price test R108 support level soon. A break and close below R108, could see CFR test the July lows around R104.40, with a break and close below this support level, bring back the long-term support level of R97, into play.
As I still believe in CFR’s long-term value proposition, I would not necessarily call it a short at current levels, but would definitely holdoff on buying for now.
The 14-day RSI is not OVERSOLD yet, which could see CFR test R100-R105 levels soon. Will revaluate lower.
As I still believe in CFR’s long-term value proposition, I would not necessarily call it a short at current levels, but would definitely holdoff on buying for now.
The 14-day RSI is not OVERSOLD yet, which could see CFR test R100-R105 levels soon. Will revaluate lower.