$JSETBS - Tiger Brand: The Tiger Has Become Bearish
Tiger Brands had a good run since the first analysis, link below.
The stock fell just short of my target of R240,00 and peaked at R229,58.
The advance from 13427 to 22958 unfolded in five waves.
After a five wave advance, we can expect a three wave correction as a bear minimum.
I am tentative on the long-term outlook hence i have not placed a higher degree label of the five wave advance.
I have subsequently labelled the correction currently underway tentatively as well.
It is interesting to note that the peak of 22958 was reached only two days after the group released a Voluntary trading update for the four months to 31 January 2023.
The first leg of the sell-off, wave 1/A is a simple impulsive and was followed by a shallow correction for wave 2/B.
The shallow nature of this correction is proof that the bulls are not really keen on taking the initiative.
The sell-off for wave 3/C is unfolding as a more complex impulse and wave ((iii)) was triggered by the release of the interim results for the six months ended 31 March 2023 yesterday.
The outlook looks gloomy and the market punished the stock for it.
I am now forecasting a bounce for wave ((iv)) before further sell-off for wave ((v)) to complete 3/C.
Short the rallies is the strategy short-term.
The stock fell just short of my target of R240,00 and peaked at R229,58.
The advance from 13427 to 22958 unfolded in five waves.
After a five wave advance, we can expect a three wave correction as a bear minimum.
I am tentative on the long-term outlook hence i have not placed a higher degree label of the five wave advance.
I have subsequently labelled the correction currently underway tentatively as well.
It is interesting to note that the peak of 22958 was reached only two days after the group released a Voluntary trading update for the four months to 31 January 2023.
The first leg of the sell-off, wave 1/A is a simple impulsive and was followed by a shallow correction for wave 2/B.
The shallow nature of this correction is proof that the bulls are not really keen on taking the initiative.
The sell-off for wave 3/C is unfolding as a more complex impulse and wave ((iii)) was triggered by the release of the interim results for the six months ended 31 March 2023 yesterday.
The outlook looks gloomy and the market punished the stock for it.
I am now forecasting a bounce for wave ((iv)) before further sell-off for wave ((v)) to complete 3/C.
Short the rallies is the strategy short-term.
