See link below for previous analysis.
Argent has had a strong run from the 2015 bottom at 302cps.
The advance is unfolding as a five wave Impulse labelled wave (1) to (5); the stock is currently in wave 5 of (3) with wave 4 having terminated at 1101cps.
Wave 5 of (3) itself looks to be unfolding as a five wave impulse that is currently in wave {iii}; wave {iii}...
See link below for previous analysis.
Argent stock is tracing out a textbook impulse move.
From the wave 4 low of 1101, the stock looks to have completed the first two waves of wave 5 of (3).
The third waves of any degree tend to be strong so I am looking at a powerful move towards 2000 cps from current levels.
A break below 1101 cps will invalidate this outlook.
Argent (ART) is a manufacturer and beneficiator of steel and aluminium products supplying a wide range of businesses in South Africa. It also has operations in the US and the UK. Many of Argent's products are well-known in South Africa such as Xpanda and Jetmaster. It also supplies bulk steel products and beneficiates to suit specific needs. For example, it sells...
Argent (ART) is a manufacturer and beneficiator of steel and aluminium products supplying a wide range of businesses in South Africa. It also has operations in the US and the UK. Many of Argent's products are well-known in South Africa such as Xpanda and Jetmaster. It also supplies bulk steel products and beneficiates to suit specific needs. For example, it sells...
Rectangle formation is forming on Argent,
7>21 and Price>200
RSI<50 - Mixed
Target R17.83
CONCERNS:
High volatility and low liquidity signals show an unhealthy chart, which is not great for breakout trading.
For investment purposes it looks like Argent wants to break above the Rectangle and head to R17.83.
But with the mixed signals and erratic price action,...
Looking at Argent from the November 2015 low of 302 zac to date, it is clear that the trend is up.
The question that many investors and traders should ask is, "how much longer can this trend remain our friend?"
The EWP helps us to answer this pertinent question.
What we see here are three degrees of trend.
labels (1) to (5) represent the intermediate trend, 1 to...
