With the joint venture between Richemont and Alibaba, the future growth prospects for Richemont are looking good. The market has started to react positively to this news and it looks like the price action is finally turning around. The share price has been in a steady downtrend with the Rand strengthening being a contributing factor.
Looking at the chart of Richemont, we can see the price action has been moving in a descending channel and looks to be breaking out of the channel. We preferably need a close above the 10734c price level to initiate a buy.
Trade: Compagnie Financiere Richemont SA (CFR)
Source: Bloomberg
Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.