24/08/2017 Updated Trade Note
Source: Bloomberg
Rand weakness has pushed the price out of the initial trading channel, and is now above entry. The short position no longer appears valid unless we see the rand strengthen below R13.10 to the USD.
Traders can move their stop loss from R118.00 to R115.50, and bring their take profit higher to the R115.00 area. Or alternatively, close the position now
Aggressive traders may want to the take the opportunity to close the position and go long on Richemont, as there is potential for the trade to reverse and reach a high of R118.00.
New Trade (LONG)
- Entry R115.50
- Take Profit R118.00
- Stop Loss: 114.20
Initial Trade Note 14/08/2017:
chart source: Bloomberg
Potential short on Richemont
- Entry: Sell below R115.00
- Stop Loss: R118.50 (blue line)
- Take Profit: R111.00
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