Burstone Group – M formation puts sellers in controlBurstone Group LimitedVELOCITY:XJSE_BTN_CFDTimonrosso 📉 General trend Burstone’s daily chart has turned bearish after months of sideways trading. Sellers have pushed price below both moving averages and the M formation’s support. 📊 Technical analysis Your M formation signals downside potential, with price at R9.21 below the 20-day and 200-day moving averages at R9.56 and R9.54. The neckline has broken, but I’m watching for a daily close below it and follow-through selling to confirm the move. 🎯 Target: R7.71 This downside objective depends on the breakdown holding. 🏢 Fundamental analysis – What is Burstone Group? Previously Investec Property Fund, Burstone listed in 2011 and is based in Sandton. It invests in and manages property across South Africa, Europe and Australia. Burstone ⚖️ Fundamental picture – Mixed evidence 1. 📉 European earnings under pressure. The 28 September update flagged higher vacancies in France and Spain, plus rising financing costs for the six months ending September 2026. These pressures could weigh on earnings. 28/09/2026 2. ⏳ Growth takes longer. Slower overseas capital deployment means first-half distributable income per share growth is expected marginally below the full-year 4–6% guidance range. This could temper near-term confidence. 28/09/2026 3. 💪 South Africa provides support. South African like-for-like net property income growth is expected above 7% for that half-year. This strengthens earnings and counters the bearish picture. 28/09/2026 👁️ My view My bias is bearish while price holds below the neckline and both moving averages. Fundamentals are mixed, so I want follow-through before backing R7.71.