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UPDATE: Target Reached Aspen R206.03 - Next target higherSymmetrical Triangle was a a text book trade. The previous trend was up. Price broke above the apex 3/4s in and the momentum continued up. We had further indicators of confirmation for upside to come. Price>20 Price>200 Target 1 R206.03 So what now? Well we can expect somewhat a consolidation, and a potential Cup and Handle to form. Then we have the next target above R221. It might be messy to buy now, but in good time it should present a great opportunity. I'll let you know.
JSE:APNLong
by Timonrosso
#APN Aspen Pharmacare looking constructive on the weeklies #jseScanned a couple of stocks on the JSE and it was tough to find many decent setups although Aspen is one that stood out for me on the LONG side. 3 reasons I think this setup is constructive and likely goes higher to at least R200 (1) Weekly price action has been making consecutive higher lows since bottoming out in August 2019. (showing relative strength in comparison to the market which has been moving lower. (2) We are trading above both the 200 week moving average as well as the yearly Pivot. (3) Divergency on RSI where RSI shows higher lows even though price made an equal low on the last move down. I think one can buy this at current levels (approx R146.00), using a stop loss as a weekly close below 132 and a target of approximately R200. From a risk standpoint that's a risk of R14 for a target of potentially R54 which is quite decent. Let's see how we go over the next couple of weeks
JSE:APNLong
by MarcoOlevano