Truworths International Ltd
After failing to reach range high resistance at 9730, Truworths International has formed a bearish price reversal circled blue (shooting star & bearish engulfing). The stochastic is currently moving out of overbought territory whilst showing a bearish divergence with the price (red lines on indicator and price). These are considered bearish indications in technical analysis and favour a short term decline in the share price of Truworths International. The initial support target is considered at 8575, a break of which further favours a move to the next level of support at 8575.
However, should the price renew gains and close above the short term high at 9600, the aforementioned bearish indications would be deemed to have failed.
Click here to view the Truworths chart