$JSEARL - Astral Foods: How Low Can The Bears Take It?

The last update on Astral was on 27.04.2023 and that short-term view has been quickly invalidated.
The longer-term view shared 22.02.2023 is now fully underway, link below.

Astral released interim results for the six months ended 31 March 2023 on 22.05.2023 with the following salient results:
Revenue up 6%
Operating profit down 89%
Earnings per share down 89%
Headline earnings per share down 88%
Net cash outflow down R1.2 billion
No dividend down 100%

The technical structure has not changed but price has now broken below the support trendline which triggers the downside continuation outlook.
Since wave (A) was large and complex, wave (C) can be smaller and more simple in structure but my initial target for wave (C) is 11079 as a minimum target.


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