To think Adcorp Holdings went from R43 in 2007 down to R3.61 in 2023....
It's just been one long hard road down from there.
In case you don't know, Adcorp Holdings is a South African-based workforce management and business process outsourcing company.
And due to the bad managenent, poor financials, slow growth and major financial troubles after the Financial...
C&H formed from Feb 2023 to June 2023.
We then had a breakout. The price continued up and then the buying slowed down.
Now we are getting a dip where the price will be testing the Brim level of the C&H.
Moving Averages are conflicted where 21>7 - Bearish but price is above 200MA - Bullish.
This states the uptrend is still intact.
RSI<50 which is showing...
Reverse C&H has formed on Adcorp. This was post to the breakout out of the year downside trend line.
Things are looking fantastic for this Penny Stock as an investment point of view.
Moving Averages 7>21>200
RSI>50
Target R8.74
Smart Money Concepts.
Right at the bottom of the cup we can see an Order Block of Sell Side Liquidity.
Smart Money buys into...
Descending Triangle and Bearish box formation has formed
200 > 21 > 7 Bearish
Target R2.00 then R1.64
Bearish bias
ABOUT
Adcorp (Established 1983 and listed on the JSE in 1994) is a South African company that provides employment services, including temporary and permanent staffing solutions, training and development, and payroll management.
Adcorp operates in...
Descending Triangle has formed on Adcorp...
We are seeing the price constrict between the apex as it's been forming lower highs.
200 > 21 > 7 - Bearish
Target R2.00 then R1.64
We do need to wait for a break down though... If it breaks up then things will look more rosy for the share
