Is RDF Properties Zig-Zagging to R8.00 to redefine your pocket?
JSE:RDF printed its last exciting high of R12.17 in April 2018. The stock has since been on an impulsive sell off that saw some buyers interested to correct the movement from R1.39 in March 2020. Price took another breather at R3.46 in April 2020 marking a level of interest.
Considering internal structure, price has been forming an upward slanted support since its first higher low of R1.71 in May 2020, which now price bullishly reacted from yesterday before closing at R3.35.
An overall look at market structure shows price in the middle of a Zig-Zag correction, at a potential start of the 3rd wave of the Zig-Zag's C-leg having a potential termination point around R8.00 before plunging impulsively to R1.40 for a market rebalance in the long term.
Confirmation of this onsetting bullishness will be on a bullish DAILY candle close above R3.46, the point of interest that the market printed. Long positions can then be initiated with aggressive targets set to R7.90, making use of a stop loss below R3.18.
Considering internal structure, price has been forming an upward slanted support since its first higher low of R1.71 in May 2020, which now price bullishly reacted from yesterday before closing at R3.35.
An overall look at market structure shows price in the middle of a Zig-Zag correction, at a potential start of the 3rd wave of the Zig-Zag's C-leg having a potential termination point around R8.00 before plunging impulsively to R1.40 for a market rebalance in the long term.
Confirmation of this onsetting bullishness will be on a bullish DAILY candle close above R3.46, the point of interest that the market printed. Long positions can then be initiated with aggressive targets set to R7.90, making use of a stop loss below R3.18.