Insimbi showing downside to 86 centsRounding Top has formed on Insimbi after its rally from the W Formation.
21>7 - bearish.
Price>200 - Bullish
Target 86 cents
Warning is that this chart is unattractive for a trader:
It signals Illiquidity and low volume with HIGH volatility.
No matter what trade you take, I consider it a LPT (Low Probability Trade).
ABOUT THE COMPANY
Insimbi Industrial Holdings Limited is a South African company primarily involved in providing steel, aluminum, and other alloys to industries in South Africa and internationally.
Inception:
Insimbi was established in 1973, initially as a supplier of foundry and steel-making raw materials.
Public Listing:
The company was listed on the Johannesburg Stock Exchange's Alternative Exchange (AltX) in September 2008.
Expansion Through Acquisition:
Over the years, Insimbi has grown through various strategic acquisitions. For instance, in 2018, it acquired Group Wreck Non-Ferrous Metals, a company involved in the trading and processing of non-ferrous metals.