After the initial break of the 4260 level, SAPPI is back at a point of interest, the 50% upper median parallel of the pitchfork since the March 2020 lows. Just below, we have the the 50MDA & 200MDA. I would like to see this holds for bullish conviction, but there are lower support levels for possible entries, the 38.2% retrace (3913) and 50% retrace (3449)....
SAPPI is currently holding the 38.2% retracement off the highs as resistance. Looking for a break of 4260 to go long, or a drop back to 3721, (or 3495). Target 5100
This is not a financial advise.
These are my thoughts on Sappi Long hold -
Would you buy this gem ?
Monthly sitting on the historical support.
This is as easy as it gets.
Wait for the break
buy the retest.
$SAP #SAP #JSESAP #SAPPI $JSESAP #JSE $JSE
Goodluck
Follow me on twitter @muazcoin
After a short but high volume accumulation price has broken higher (see posts below). A low volume back up (BU) price is now ready to be marked up further. The relative strength to the Top 40 has turned positive and there is divergence with the volume RSI confirming the markup.
After distribution and markdown, we have seen climax volume as buyers are stepping in. Price has now broken the downward trend it looks like the price could be breaking higher.
