FOOD stock Sovfood (JSE code: SOV) is looking positive, having broken out of a large consolidation pattern, with a higher target in place, as the charts shows. Sovfood – Higher target Recommendation: BUY Current trend: Up over the past 18 months Weekly: Two weeks ago, Sovfood broke above the resistance level (red line) to confirm a large bullish pattern, called an inverse head and shoulders. It now has a higher (minimum) target of R14.50 in place. (It is trading at about R11). It is buyable at its current levels.
Protect your trade by exiting (selling) if it closes below R8.90.