$JSEBAT - Brait PLC: Triangle Creates Bullish Expectations
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Brait has undergone some restructuring of its business over the past three years and has seen the share price drop from lofty heights to hitting a bottom in March 2021 at R2,30.
The rally to R5,10 unfolded in a clear impulsive manner which i have labelled wave 1 to 3.
Since hitting the R5,10 the share has traded sideways. Consistent with the wave principle, sideways consolidation tends to be a triangle or a combination pattern with a triangle.
As long as price holds above R3,49 this outlook remains valid and a break below R3,49 will prompt a re-assessment of the pattern unfolding.
Trade recommendation
buy @ 420 zac
stop-loss @ 348 zac
Brait has undergone some restructuring of its business over the past three years and has seen the share price drop from lofty heights to hitting a bottom in March 2021 at R2,30.
The rally to R5,10 unfolded in a clear impulsive manner which i have labelled wave 1 to 3.
Since hitting the R5,10 the share has traded sideways. Consistent with the wave principle, sideways consolidation tends to be a triangle or a combination pattern with a triangle.
As long as price holds above R3,49 this outlook remains valid and a break below R3,49 will prompt a re-assessment of the pattern unfolding.
Trade recommendation
buy @ 420 zac
stop-loss @ 348 zac
