Timonrosso

SAPPI looking shap! Target potential to R56.76

Long
JSE:SAP   SAPPI LTD
Symmetrical Triangle seems to have formed on Sappi.

Now on the contrary of a Symmetrical Triangle being a Continuation pattern, it is possible for a reversal to take place in this instance.

We have the converging of the trendlines where the price has reached an apex. Strong buy divergences and price action to the up.

It's a bit premature to BUY just yet but I anticipate a breakour to the upside.

Then full steam ahead.
Other peripheral indicators confirm upside:

7>21>200
RSI>50 (Buy divergence)

Target R56.76

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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