Alexander Forbes (AFH) is a financial services company offering asset management, insurance, healthcare, retirement, consulting, and wealth management to both corporate and private clients. It has a presence in 5 countries in Africa outside South Africa - Namibia, Nigeria, Botswana, Uganda, and Zambia. In the past, the share has fallen from its high of just over...
Alexander Forbes is experiencing increased trading volumes while it has formed an inverted head & shoulders pattern. Price is above the major up sloping moving averages .
Something brewing here...
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Disclaimer: All ideas are my opinion and should not be taken as financial advice.
After a trading range starting in July 2018, Alexander Forbes has been in a trading range. After an upthrust and tests forming lower lows price broke below the trading range. We have now seen a backup to the trading range and now a push lower again. We can expect the lows R2,80 to be tested again. If this is broken there could be more downside.
Alexander Forbes has backed up (BU) into the previous trading range (TR) but we see that volume is very low. It looks as if there is no supply left. Priced has moved back to the yearly pivot point (red line) where it previously found supply (at R2.60, see volume profile) but this time there is no supply. Watching next week if supply comes in or if we will see the...
Following the bounce of the support (519/520), $JSEAFH is now looking to break out of the falling channel and could retest 540.
RSIs supporting the move higher while Momentum us is diverging
I have been following the accumulation range of Alexander Forbes (See post below). Price has consolidated at the top of the TR, which is also the yearly pivot point. It has pushed above with some high volume selling pressure but remained above the TR (See the negative divergence with the volume RSI and volume spike). In spite of the week market conditions it still...
Alexander Forbes has been in a trading range which seems to be accumulation. Volume increases at the bottom of the range and divergence of the volume RSI show upward pressure (Effort without response). We have seen a Sign of Strength (SoS) and Change of Character (CoC) after a spring and currently a low volume test has occurred.
