There appears to be no end in sight for the protests in Hong Kong, a major market for luxury goods, specifically timepieces. In addition Macau gaming revenue is down by 8.6% for August which means that gamers are taking less risk. This, combined with a strengthening Rand, has seen Richemont give up some of it's recent gains. Today's the price is breaking down from it's incline support while trading below it's declining near term moving averages. Based on these factors, I would look to sell the next rebound.
Trading Plan:
Short/Sell CFR on a rebound back above R117.20
To protect capital, use a stop-loss of R121.50
Take profit at or close to R111.70
Trading Plan:
Short/Sell CFR on a rebound back above R117.20
To protect capital, use a stop-loss of R121.50
Take profit at or close to R111.70