CLICKS GROUP LTDPenjualan
Technical Trade Idea: Clicks Group
Back in August I became cautious on the valuation of beauty and pharma retailer Clicks, suggesting that it was possible to "pay less". Since then we have seen the price tick lower, with a recent bounce back near the year-to-date highs.
Looking at the bigger picture we may potentially be developing a head and shoulder formation, while the price also approaches an overhead resistance level. At a price-to-earnings ratio of 31 times, CLS remains richly priced in an economic environment that has largely remained stagnant over the medium to long term. On that basis, traders could look to short/sell as the share once again tests elevated levels.
These are the trade levels:
Short/Sell CLS R196.72 (Current) or higher
Stop-loss: R204.00
Take Profit Target: R180.00
Looking at the bigger picture we may potentially be developing a head and shoulder formation, while the price also approaches an overhead resistance level. At a price-to-earnings ratio of 31 times, CLS remains richly priced in an economic environment that has largely remained stagnant over the medium to long term. On that basis, traders could look to short/sell as the share once again tests elevated levels.
These are the trade levels:
Short/Sell CLS R196.72 (Current) or higher
Stop-loss: R204.00
Take Profit Target: R180.00
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