SUMMARY | Position: LONG | Upside target: R4 156.00 | Reward / risk ratio: – | Recommended stop-loss: R3 488.00 | RECOMMENDATION: BUY
Naspers is a prominent multinational media group which has, over the last two decades, evolved from a traditional print media business in one country to a broad-based e-media company in multiple markets. Naspers’ most notable investment is Prosus, which in turn has a large shareholding (~24.6%) in Chinese internet giant, Tencent. Prosus is focused on eCommerce, Food Delivery, and Classifieds.
Technically, the price appears to be on Wave 5 of the Elliott wave price analysis (see the insert on the main chart). As Wave 5 progresses, especially in the early stages, it can attract more buyers who view the breakout above previous highs (set by Wave 3) as confirmation of further upside potential. This increased buying interest supports the…
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