Aspen is a global supplier and manufacturer of branded and generic pharmaceutical products as well as infant nutritionals and consumer healthcare products in selected territories.
ASPEN has been under the microscope over the past few years with various negative rumors and investigations driving the share price lower and lower. I believe that we haven't quite seen...
Price has made its way down from the monthly highs near 11300 and is a trading just above the lows we saw in mid-April.
Given the strong downtrend that this share finds itself in, we have no reason to look for longs as yet - only a close above 11300 would interest this trader in a counter-trend buy.
I'd like to see a close below 8860 - this would open the way up...
After big drop it consolidates in down sloping channel. Tested top of the channel late in January.
Support at 13800. If it breaks bellow it will probably go and back test bottom of the channel that is currently around 11500/12000 area.
The technical setup and trading action for Aspen Pharmacare is signaling that it is willing to make further price advances. Yesterday, we received additional confirmation of this as the share traded in the low R140s before closing the session at 146.20 (+1.18%). The R139 to R141 level has been a fairly strong support zone while the share is also currently making...
Aspen time to go long !
After the sell-off early October 2018, Aspen’s share price has been building a sold base for several months.
Most recently the R 140.00- R 145.00 base is in play…
I'm loving the positive momentum and a move towards R 200.00 is sensible ...go go go go !
Aspen had an incredibly difficult 2018, with the stock losing over half of its value in only a few months.
The sale of Aspen’s infant milk business (a price below market expectations) together with the elevated debt levels are seen as major catalysts leading to the decline in Aspen’s share price from R 260.00 to below R 130.00.
Reviewing the time series, we note...
Broke falling wedge few days ago as well as sideways consolidation.
Back tested breakout point and made solid support at 13700/50 area.
So far hourly making big engulfing bar.
Trade idea long around this level on bar close (if it stays the same)
FT=15700 for RR=2.29
ST=17000 for RR=4.52