$JSESAP - SAPPI: Still Medium-Term Bullish, Short-Term Tentative
I last covered SAPPI in November 2022.
The bullish medium-term outlook is still intact as price is not threatening the 1720 zac level.
On the cautious side, the decline from 6348 to 3937 could be the first leg of a bigger three wave flat pattern.
The rally from 3937 to 5835 is either wave 1 of a new bullish impulse wave or wave (a) of wave ((b)) of a flat pattern that is part of the bigger correction.
I will use the bullish case as my preferred count until it is invalidated by a break below 3937.
Sappi released Q1 results for the period ended December 2022 yesterday.
As much as these results were the best ever first quarter results, the outlook has a lot for investors and traders to chew on.
With these results out the way and incorporated into the share price, I will monitor Elliott Wave patterns above the critical 3937 price level.
The bullish medium-term outlook is still intact as price is not threatening the 1720 zac level.
On the cautious side, the decline from 6348 to 3937 could be the first leg of a bigger three wave flat pattern.
The rally from 3937 to 5835 is either wave 1 of a new bullish impulse wave or wave (a) of wave ((b)) of a flat pattern that is part of the bigger correction.
I will use the bullish case as my preferred count until it is invalidated by a break below 3937.
Sappi released Q1 results for the period ended December 2022 yesterday.
As much as these results were the best ever first quarter results, the outlook has a lot for investors and traders to chew on.
With these results out the way and incorporated into the share price, I will monitor Elliott Wave patterns above the critical 3937 price level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.