Sappi bouncing off the multi year range's bottom. for JSE:SAP by VillageTraderZA

Chart Patterns Beyond Technical Analysis

Sappi seems to respect the bottom of the multi-year range. It did however trade in this R22 - R35 for about four years and some change between 2009-2014. It could take a while before the break through the R35 resistance. If history is anything go by. but waiting for my 30w EMA to cross through the 60w EMA first to confirm the up trend on the share

Comment:

Position

Average Entry: R48.10
Quantity: 25.2
Stop loss: R44.84 (-R3.26 risk per share)
Profit/Loss if stop is hit ZAR: -R82.15 (-1.05%)

Waiting for a close above R52.16

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.