Richemont - Is Bling still the Thing?

Although Compagnie Financiere Richemont SA (CFR) has found its share price in a recovery phase since November 2018, the 200-day Moving Average is still very much pointing downwards, which serves as indication that the trend isn’t all that healthy yet. Price movement since March 2019 created a Descending Triangle that could be very positive for CFR, should we see a break and close above the resistance line R106, which could see us test the March 2019 levels of R110 again. As mentioned however, the trend is still pointing downwards, indicating that a possible test of support line at R97.60 could likely be in play. Should we see a break through this support level, our longer-term support trendline at R91.30 could be tested. Technically, we would recommend holding back on buying until confirmation of an upward break can be seen.

We also wrote a full summary on the results and fundamental report on the company - Read it Here http://oldoak.co.za/wp/index.php/2019/05/24/get-to-know-your-jse-companies-compagnie-financiere-richemont-jse-cfr-2/

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