Inverse Reverse C and H has formed on Life Health. The price did close below the brim level which also happened to be on the 200MA. This is a big test for the company. Once the price breaks below 200MA, there is a high chance of it closing the gap and dropping further. 21>7 Price -200 - Test RSI<50 - lower highs Target R16.23
It is a medium probability trade to take on.
ABOUT THE COMPANY
Establishment: Life Healthcare Group Holdings Ltd, often simply known as Life Healthcare, is a South Africa-based company that was founded in 1983.
Healthcare Provider: Life Healthcare is a leading private hospital operator in South Africa. It offers acute hospital care, acute mental healthcare, renal dialysis, and acute rehabilitation, among other services.
International Presence: Life Healthcare has an international footprint and operates in various countries including India through Max Healthcare, and the United Kingdom through Alliance Medical.
Expansion into Diagnostic Imaging: Life Healthcare expanded its healthcare offering in 2016 with the acquisition of Alliance Medical, which is a leading independent provider of medical imaging services within Europe.