Aspen
18 Oct 2019 - Aspen - JSE:APN - Long - Cup and Handle - MPTSince July 2019, it's been forming a Cup and Handle and finally has broken above.
Looks good for upside.
APN possible turning pointJSE:APN has reached quite a significant resistance level which could mean a change in direction to the downside. I will keep an eye on this one to see if it breaks through the resistance and continues upwards. If so, I will enter long.
My outlook is bearish, however, and I anticipate that it will fail to break through and turn downwards for a short. As always, I will wait for confirmation before entering either way.
$JSEAPN Aspen to face a fierce test against the 20 week maThe 20 week moving average (wma) has been been a tough nut to crack for Aspen since its rapid decline started back in September 2018. The 20 wma currently sits @ 93.89. If aspen can gain some traction above the 20 wma, see a close above R90.00 on the weekly (above the previous floor), one could see the stock gain some further traction with a first target at the 50wma (+-R118.00) currently. Encouraging is the fact that the RSI has pushed above the 40 resistance level which has also halted any previous advances in the share price.
APN - Tested previous spike lowJSE:APN has recently tested a spike low that it formed in March this year. It first it seemed like it had broken through, but it has since bounced and seems to be on its way up. Stochastic is confirming. If it breaks above yesterday's high, I will consider a long on Monday.
APN - Triple bottom formingJSE:APN seems to be forming a triple bottom at the bottom of a parallel channel. If it fails to make new lows, we could possibly see a long movement up towards the top of the channel.
ASPEN PHARMACARE (APN) DAILY TIMERAME BUYI am expecting a bullish momentum as we complete a correction pattern, before further downside. Targets should be at the top of the flag pattern and position size small, as we are in a downtrend.
Are ASPEN's Woes Nearly Over?Aspen is a global supplier and manufacturer of branded and generic pharmaceutical products as well as infant nutritionals and consumer healthcare products in selected territories.
ASPEN has been under the microscope over the past few years with various negative rumors and investigations driving the share price lower and lower. I believe that we haven't quite seen the bottom yet but that there is a possibility of strength to come soon. Perhaps a take over is what they need?
Technicals
The corrective structure has seen a break of the 61.8% Fib retracement level and is currently trading below it. I am expecting to see wave 3 end at the 78.6% level. In my opinion, it is likely that there will be a rally from that point onwards and that the structure will break to the upside. A larger retracement than that would indicate serious repercussions for ASPEN and I am certain that they will do everything in their power to avert a further decline in share price.
Flash Note: Aspen Pharmacare (APN)Last week Lester highlighted APN as as "opportunistic buy" after the fall from R290.
It looks like R263 to 264 is still a level where buyers have lined up to take advantage of the fall. This is also in line with the 50dma.
Once again stay cognizant of the USDZAR.
MariusGrobler301 is having a look at this trade for our clients.
Aspen Tech Aiming Higher. I know very little about this firm but as a technical play, this is awesome. It does look like the final leg up but some good money yet to be made.
