$JSEBTI - British American Tobacco: Where There Is Smoke, ......
BAT released its annual results for FYE 31.12.2022 yesterday.
There are some highlights and I recommend investors and traders read for themselves.
Seeing that the share traded lower on the news, it can be concluded that Mr. Market is not that excited.
Looking at BAT from an Elliott Wave perspective, it looks like the share price is going nowhere excruciatingly slowly.
Let's take a look at some EWP patterns;
Wave (2) unfolded as an expanding flat.
The impulsive move from 49111 to 73124 from March 2020 would have given any Elliottician hope that the uptrend was back.
The decline from 73124 to 50757 is a zigzag.
The rally from 51051 to 74444 is an ending diagonal making the entire move from 50757 to 74444 a zigzag.
The bigger picture is that BAT is probably forming a larger flat correction of wave 1 which peaked at 73124.
The implication is that the stock is now in wave ((c)) of 2 and price could move lower, back towards the 51000 region.
There are some highlights and I recommend investors and traders read for themselves.
Seeing that the share traded lower on the news, it can be concluded that Mr. Market is not that excited.
Looking at BAT from an Elliott Wave perspective, it looks like the share price is going nowhere excruciatingly slowly.
Let's take a look at some EWP patterns;
Wave (2) unfolded as an expanding flat.
The impulsive move from 49111 to 73124 from March 2020 would have given any Elliottician hope that the uptrend was back.
The decline from 73124 to 50757 is a zigzag.
The rally from 51051 to 74444 is an ending diagonal making the entire move from 50757 to 74444 a zigzag.
The bigger picture is that BAT is probably forming a larger flat correction of wave 1 which peaked at 73124.
The implication is that the stock is now in wave ((c)) of 2 and price could move lower, back towards the 51000 region.
