SAPPI LTDLong
Sappi close to completing 4th Elliot Wave
Sappi is in process of completing the 4th Elliot wave and expected to bounce of 2728 before commencing with the final upward wave estimated to consolidate at the 4074 to 4163 price level. Wave 3 was met with resistance, which served previously as support on 27 September, 14 & 15 November 2019. The 4074 level was fierce resistance during the period 16 October to 5 December 2019 and it can also be expected to serve as again as resistance at the point of completion of the 5th wave.
Currently the 20, 30 and 50 day MA are bullishly aligned, with the 30 day MA serving currently as support.
Definitely one to keep an eye on.
Disclaimer: My analysis should not be construed as financial advise. Share trading is risky and unpredictable at best. I'm just sharing what I see.
Currently the 20, 30 and 50 day MA are bullishly aligned, with the 30 day MA serving currently as support.
Definitely one to keep an eye on.
Disclaimer: My analysis should not be construed as financial advise. Share trading is risky and unpredictable at best. I'm just sharing what I see.
Disclaimer
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