Trading Ideas

How Low can you Go…Remgro?



How Low can you Go…Remgro? by SchalkLouw on TradingView.com

Remgro is getting very interesting. Despite the fact that the share price is getting closer to the bottom support level of a Descending Triangle , the company still seem fundamentally sound and somewhat oversold according to its 14-day RSI . Consensus target price (according to Thomson Reuters ) on $JSEREM is still R234, which make current levels very interesting for a entry level. Should we see a recovery, first resistance levels should be the 50-day moving average at R194, with a break most probably looking to test the top of the triangle (which is also the 200-day moving average) at R199.

Schalk Louw
As Portfolio Manager at PSG Wealth Old Oak and with over 20 years’ experience in the investment industry, Schalk has consistently delivered solid returns to his clients and has certainly become one of South Africa’s most well-known strategists. He started his career in 1994 at the stockbroking company, Huysamer Stals (later ABN Amro). He joined SMK Securities in 1997, (later became BoE Personal Stockbrokers) and was later appointed as director and branch manager. In 2001 he co-founded Contego Asset Management and managed the company as CEO up to March 2014, after which he joined PSG Wealth Old Oak. Schalk has also become a regular household name with investors, with his reports being published in many of the national press. He completed his MBA in 2008.

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