We see Merafe has definitely entered into a Rectangle formation.
Price is remaining above the 200MA where it could range between the high and low.
We definitely need a breakout to the upside, before we see upside. The target potential will be at R1.61 if the price breaks above the Rectangle.
Now I wouldn't be that positive and optimistic with this analysis,...
Cup and Handle formed with Merafe with the previous Breakaway gap that took place.
The price has broken above the Brim level and is flirting with the 200MA.
Also the price needs to move up to fill the gap.
These are all bullish signals including:
7>21
Price<200
RSI>50
Target 1 will be to R1.47
ABOUT THE COMPANY
Merafe Resources is a South African mining...
First, Merafe hit our target at R1.00.
This was due to a Box Formation which the price broke below. Also above the Box Range was Buy Side LIquidity, where Smart Monet came up and swept and sold into the levels.
This brought the price down and then some.
Inv Cup and Handle formed on Merafe. And the price has broken below the brim level.
Also the price is...
M Formation formed on the daily
and we are just waiting for the price to break below the neckline.
21>7- Bearish
Price <200 - Bearish
RSI <50 lower highs
Target R1.08
CONCERNS:
Many resource companies are showing downside to come. It seems like smart money knows something the public doesn't. This corresponds to the strengthening dollar. Ever since the US...
The Cup and handle formed, broke above the Brim Level and now looks like it's heading on up.
The price above the 200MA is the first time since Sep 2022...
Target 1 at R145.
Target 2 R1.66
ABOUT
Merafe Resources is a mining giant company that was founded in 2005 and is based in Johannesburg, South Africa.
The company's primary focus is on the production of...
