technical analysis chart

Technical Breaks, Ideas and Insights – Truworths makes a Positive Break (Our Fundamental Analyst View is in Agreement)

Truworths made a positive break by breaking upwards through the downwards sloping resistance level at ZAR58.40.
The share is in the process of breaking out of a large triangle formation which normally is a positive signal.
Fundamental comment: TRU delivered strong results for FY22 as its businesses rebounded after the pandemic.
Truworths Africa is showing good credit sales growth and we believe that its continued focus on credit retail, while other competitors have shifted to more cash retail,
can be a competitive advantage in this challenging market