Richemont finally breaks out of consolidation area

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COMPAGNIE FINANCIERE RICHEMONT SA (JSE:CFR)

JSE:CFR COMPAGNIE FINANCIERE RICHEMONT SA

trendanalysis jse alsi zar southafrica richemont

CFR has been trading sideways in a consolidation area since early Jan and it has really struggled to break through the resistance around 15000. With yesterday's price action it broke out of the top of the "buy-box" and it is looking promising for an upward move. This is a new all-time high, so, with no existing resistance in sight, if it continues upward, I would be surprised if it goes all the way to the 16000 level.

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