Pick N Pay released arguably one of its worst 26 week trading results today and the market was not happy. The rehired CEO stating that it may take two years to turn things around shows just how gloomy things are at the company.
Technically, there hasn't been any signs to be enthusiastic even before the announcement of the return of the CEO. If anything, downside momentum looks stronger with price having broken below the lower trendline of the channel.
How much lower can the stock go is anyone's guess but the trend is clearly still bearish.