KAP Industrial showing strong downside with this rare pattern
Reversal Diamond Formation formed on the daily.
This is a broadening reversal pattern that forms in the shape of a Diamond.
Because the previous trend was up, the Diamond moved sideways and then the price broke down, shows the likelihood of it dropping is bigger.
200>21>7 _ Bearish
RSI <30 - Bearish
Target R2.25
ABOUT
KAP Industrial Holdings Limited (KAP) (Founded in 2004) is a diversified industrial conglomerate headquartered in Cape Town, South Africa.
It's one of the largest industrial groups in the country which also operates in a range of industries, including logistics, automotive components, timber, chemicals, and more.
Some of the company's well-known brands include Safripol, PG
In 2020, KAP employed over 20,000 people across its various businesses and operations.
This is a broadening reversal pattern that forms in the shape of a Diamond.
Because the previous trend was up, the Diamond moved sideways and then the price broke down, shows the likelihood of it dropping is bigger.
200>21>7 _ Bearish
RSI <30 - Bearish
Target R2.25
ABOUT
KAP Industrial Holdings Limited (KAP) (Founded in 2004) is a diversified industrial conglomerate headquartered in Cape Town, South Africa.
It's one of the largest industrial groups in the country which also operates in a range of industries, including logistics, automotive components, timber, chemicals, and more.
Some of the company's well-known brands include Safripol, PG
In 2020, KAP employed over 20,000 people across its various businesses and operations.
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Trade Well,
Timon Rossolimos
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(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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