- Recovering from the March lows after the listeriosis outbreak, TBS is now approaching the R400 resistance area
- As it approaches that area, a rising wedge pattern has formed which is considered bearish.
- To provide further resistance around the R400 area is the falling 50dma, which also looks set to cross the 200dma in a typical ‘death cross’ style
- A death cross is seen when a short-term moving average(in this case 50dma) falls below its long-term moving average (200dma). A ‘death cross’ is usually bearish.
- Here is what I’m looking to do:Sell TBS @ R400 (or better)
Take Profit @R350
Stop Loss @ R420