Clicks makes a record high closeClicks made a new high yesterday with increased Volume
I'm adding to my position
CLS trade ideas
Clicks - Short and Medium Term ViewsTwo time frame perspectives.
Short Term - Daily Chart - Neutral to Bearish
Trading at overhead swing high resistance, possible dark cloud cover candle formation.
7-day RSI at 80. A 'near overbought' zone
Extended vs it's 50-EMA
Extended vs current pivot
Trading at 63-day (qtrly) and 200-day (yearly) linear regression channel resistance.
Medium Term - Weekly Chart - Neutral To Bullish
Ascending triangle developed
Held weekly pivot and nearing 'R1' (positive)
If 27700c turns to support (from resistance), this will add further conviction.
For more technical insights and opportunities, get in touch with me today.
CLS - Persistence Breaks ResistanceClicks Group (CLS, 26241c) Persistence Breaks Resistance: CLS has always 'expensive' however, technically, the share has been pushing up against the 265 to 270 range over a 14-month period. I'm monitoring for now, but I think if the resistance range is cleared, it may mean that overhead supply has been absorbed which paves the way for a break of the range. For now, we're holding above the pivot (P) and breaking to the upside of a pennant technical formation, although there may be a few more weeks of consolidation. In addition, the weekly and monthly RSI's are slowly turning up. Temporary failure below R246. #TechnicalView
Market Neutral/Pairs Trade Idea: Long Clicks / Short Dis-ChemDCP has been one the best performers over the last few months. I initially recommended in July at R17.00, followed by 2 Trading View publications in December 2020 below 2150c (see attached). At current levels, the share trades ~ 3016c, with the 4H and daily RSI at 90 and 95 respectively. If you, like me, feel that DCP has run a bit too hard, you could pair consider a pairing a DCP short with a CLS long.
Here, the trader makes a profit in one of three ways.
1. CLS rising and DCP falling
2. CLS rising faster than DCP rising
3. CLS falling slower than DCP falling.
On the left, you'll note the ratio chart being extremely extended versus the 200-day moving average while nearly all the major short term time frames are 'oversold'.
Whether this is the exact low, I don't know however the short term reward-to-risk is starting is becoming attractive for a smaller-sized pairs trade.
Current Price (Ratio): 8.43
Entry Range: 8.37-8.44
Stop-loss: 8.24 ( a wider stop)
Target Range: 9.05-9.20
Clicks long if trendline brokenJSE:CLS is showing signs of upward momentum based on our trend-following strategy. However, it is struggling to form higher highs and break the down trend that it has been trading in for the past month or so. If it breaks this trendline, I will consider entering a long position.
Swing Trade: Clicks GroupClicks JSE:CLS seems to be bouncing off the bottom of a 100-day regression channel, supported by the 200 EMA line and a decent double bottom pattern.
The leading RSI and Stochastic indicators signalled a trend reversal on 26 February 2021 by turning up through 50 and crossing up through the slow line from a low base, respectively.
The MACD (lagging) confirmed this trend today, 2 March 2021 by crossing above the signal line.
Entry for me would be a confirmed close above R250, with a price target of R264 and R279 based on resistance levels, and if it fell out the bottom I would exit at R239.
Reward: 11.73%
Risk: 4.37%
Ratio: 2.68
CLS - 1D - ASCENDING TRIANGLEI road this wave before and climbed out at the top. Price is now at bottom of the channel again and i will re enter. I have a short stop loss in place if it breaks to the bottom of the channel. Maybe jumping the gun a little with this trade. Stochastics on weekly and daily are both in over sold territory and ATR is giving a buy signal. They sold of Musica, and should get some benefit out of the distribution of covid vaccines.
Clicks - possible retracement to bottom of channelAlthough JSE:CLS is trending in an upward direction, it is also trading in a parallel channel. It bounced off of the top of the channel and seems to be retracing. For the moment, I think it is possible that it will retrace down to the bottom of the channel before turning up again. The bottom of the channel also coincides with a strong support and the psychological level of 25000
CLICKS HERE to short- A bit of a false break for the retailer here and falling back below previous resistance. All momentum indicators have swung sharply downwards which indicates to me that this resistance level is in place and the stock can be shorted. With larger support way down at around 240.00, I wouldn't be surprised if we did in fact see a move down to there. So...I'm Short at 260.50 with a stop at just above 270.00. HOPING to see 240.00 in the next week or two...
A nice looking Ascending triangle pattern A nice looking Ascending triangle pattern on Clicks. The share has been making higher lows through the latter parts of 2020. Waiting for a close through R273.64. Using the height of the triangle from its broadest point. My target for Clicks is R358
Read week 2 game plan - villagetrader.co.za
