The last time i covered Spar was on 12 July 2022 and i forecasted buying potential at a key support zone.
Spar did catch a bid at R129,09 but that rally was short lived and proved to not be the bottom.
The share price was decimated on the 16 of November 2022 after the release of the annual results for FYE'2022.
The share price seems to found buyers at R112,98 and this has prompted a re-evaluation of the wave count from R213,47 back in February 2021.
The updated wave count implies that waves (1) to (5) are complete. For this view to remain valid, price must hold above R112,98.
Not one to chase momentum, i recommend waiting for a pullback or consolidation before joining the bulls.
Spar did catch a bid at R129,09 but that rally was short lived and proved to not be the bottom.
The share price was decimated on the 16 of November 2022 after the release of the annual results for FYE'2022.
The share price seems to found buyers at R112,98 and this has prompted a re-evaluation of the wave count from R213,47 back in February 2021.
The updated wave count implies that waves (1) to (5) are complete. For this view to remain valid, price must hold above R112,98.
Not one to chase momentum, i recommend waiting for a pullback or consolidation before joining the bulls.
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