Cup and Handle was the last pattern we used to make this prob prediction.
Lately, we have had the price fall into a Falling Flag consolidation formation.
And the price has already broken up and out of it.
This means, we can expect upside to continue and head to our first target of R66.75.
7>21>200
RSI>50
Target R66.75
ABOUT THE COMPANY
Afrimat Limited...
Afrimat after a volatile period of ups and downs, seems to have chosen a direction.
It's been making higher lows, which has solidified the Cup and Handle formation.
We see indicators pointing up including:
7>21>200
RSI>50
My first target is to R65.43. This will give it enough room for upside and will give room in case the market jumps back down.
SMART MONEY...
Cup and Handle formed on Afrimat following the downtrend that's been extended since 2022.
We then had a break above the Brim Level showing demand and buying was in play.
MAs -Mixed
RSI>50 But there are higher lows.
Target R60.00
SMC: SSL - Order Block This Sell Side Liquidity order Block is most apparent BELOW the entire formation. We can see sweeping of sells...
7>21 SMA - Bullish
Price >200SMA - Bullish - Green background
Cup and Handle has formed and the price has recently retested the Brim Level.
RSI >50 (Green background) - and is showing higher lows - Bullish
First target is R68.55
This also is showing upside as the local resource market continues to move up in 2023.
General Info
Afrimat is an acronym for...
Afrimat has formed another unusual and rare breakout pattern - Reverse Inv Cup and Handle.
This is where the handle is on the left and the cup is on the right...
The fact that the price has broken below the brim level and the RSI is making lower highs and is below 50, means there is further downside to come.
Looks like R22.00 is on the cards for the stock.
Last year, on the 14th December 2020 we wrote an article about our Investment Club software and our in-house company portfolio which we run on that software. As we said in that article, running this portfolio has proved to be a highly motivating exercise for our staff.
Since 14 December last year, there has been just one change to the portfolio, when the Clicks...
Looking at a long term short opportunity
- Currently seeing retest of long term trendline
- .786 fib retracement level reached
- rising wedge forming as well
