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Daily analysis of Shoprite

Daily Analysis – Shoprite

Today we going to be analysing Shoprite, another request from the Platinum Wealth forum.

This stock is showing a very positive outlook for the long term. All indicators are showing bullish signals across all time frames.

The first big hurdle for this stock is that it is approaching a major resistance area at 20,754. This area is also the 52 week high and a break through there will send this stock soaring possibly to the 21,500 and then the 22,000 area in extension. Some analyst are saying it will reach the 25,000 area but lets see if it gets past the major hurdles first.

Today’s spinning top doji candle is showing a bit of indecision in the market after 3 strong bull days, leading to a possible pullback or even a complete reversal.

Should a reversal occur the first target would be the minor support area at 19,436. A break below this support area will then take the price to the next major support area at 18,800.

Want to learn more about price action? Check out our tutorials on the AlgoTrading website.

*All information in this article is the author’s opinion and is for educational purposes only. It does not constitute investment advice or a solicitation to buy or sell any financial instrument. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

Stanton Roux

Stanton Roux is a free online learning platform that merges my two passions software and trading. I like to bring a new twist to trading and show how software can improve your trading skills.