17 October 2017
Taking profits - Target price 1 reached on Spar [JSE:SPP]
My Spar group Limited (SPP) trade that I put out on the 22nd of August has finally reached its first target price yesterday the 17th of October.
The price might retrace from the current levels as traders are taking profits but the longer-term view for Spar Group Limited (SPP) is looking good at this stage of the race.
I will be managing my stop loss from here if the price moves higher but at this stage I will keep it at 16344c.
Chart Source: Bloomberg
22 August 2017
Spar Group Limited [JSE:SPP] vs Pick n Pay Stores Limited [JSE:PIK]
The rally in the retail stocks we saw yesterday presented two trade opportunities, so let’s see which one comes out “Tops”, excuse the pun.
1.The Spar Group Limited (SPP)
I had my eye on this company and yesterday The Spar Group Limited (SPP) broke through resistance and closed above 17000c. This is a good opportunity to go long (buy) and enter your trade. Some retracement can happen in the morning so make sure your risk management is in place.
TRADE: The Spar Group Limited (SPP)
- ENTRY: Long (Buy): 17200c
- STOP: 16344c
- TARGET PRICE 1: 17699c
- TARGET PRICE 2: 18270c
Source - Bloomberg
2. Pick n Pay Stores Limited (PIK)
With the Pick n Pay Stores Limited (PIK) opportunity I am waiting for a close preferably above my entry of 6398c before placing my buy (long) trade. Price might also retrace from yesterday so make sure your risk measures are in place.
TRADE: Pick n Pay Stores Limited (PIK)
- ENTRY: Long (Buy): 6398c
- STOP: 6059c
- TARGET PRICE 1: 6603c
- TARGET PRICE 2: 6825c
Source - Bloomberg
Read more notes by Barry HERE.
