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Richemont [JSE:CFR] pressure from strong rand

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Dean Bakos
riche short (003).jpg

Richemont the ultimate rand hedge has developed a head and shoulders in recent times. If you’re bullish on the rand after the news that Ramaphosa is the new head of the ANC then this is the trade for you. The share has broken the neckline and come back to retest. The share has also broken 11500, a critical support level. All that is left is for you to ride it down to the take profit.

  • Entry- current levels 11426.
  • Stop- 12000
  • Take Profit- 11000

 

All the best for the new year and I wish you all a Merry Christmas. 

Be Blessed 

 

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