Remgro broken above a 12 month Box Pattern - Target R170

2023年6月20日

Box formation has clearly formed on Remgro.
It started last year this time, and the price has been jumping between the high and low range.
But now the price has broken up and out of it. This could be the boost it needs to rocket up to the next target.
MAs - 7>21>200
RSI>50
Target 1 is set to R170.00. But there is a caveat.
Bullish

CAVEAT
The JSE ALSI 40 is still trading within the Symmetrical Triangle. It's currently at the apex but today's price action is down.
We really need the price to break up and out of it. THis will show that the buying and demand is stronger than the supply.

ABOUT THE COMPANY

Remgro is a prominent investment holding company based in Stellenbosch, South Africa.

Remgro was incorporated in 1948, originally part of the wider Rembrandt Group founded by Dr. Anton Rupert.

The company was initially a tobacco manufacturer before diversifying into other industries.

Remgro became an investment holding company in the 1980s, focusing on managing a range of investments rather than manufacturing.

The company has investments in various sectors such as banking, healthcare, consumer products, sports, and others.

Some of the well-known companies in its portfolio include Mediclinic, Distell Group, RMB Holdings, and FirstRand.

Johann Rupert, son of Anton Rupert, served as the Chairman of Remgro.

HOW IT GOT ITS NAME

Remgro, short for Rembrandt Group Limited, gets its name from the larger conglomerate it was part of, the Rembrandt Group, which was founded by Dr. Anton Rupert in the 1940s.

The name "Rembrandt" was likely chosen as a nod to the famous Dutch painter, Rembrandt Harmenszoon van Rijn, reflecting the Dutch heritage of the Rupert family. When the Rembrandt Group restructured in the 1980s and 2000s, the investment arm became known as Remgro.