ARI looking Near Vertically bullish making new highsThe stock seems to be in a nearly vertical bull market. A trade that I picked up a while ago and have been adding to it. Last week the stock made a new all time high, taking out the prior all time high of 30699c it set back in July of 2008. The share has now made a 100% recovery from that high. The new high is now 30725c. I’ve decided to remove my target on this trade and I will now only exit on stop across all positions. I think the share will run even further and make even higher highs.
checkout the weekly game plan here: villagetrader.co.za
ARI trade ideas
$JSEARI African Rainbow Minerals looking rock solidNice bullish flag consolidation over the last month which has bumped into the trendline support which formed off the pandemic lows. RSI holding at the 50 level which is often supportive of a bullish trend . A break out of the top of the channel at R178 could see African Rainbow Minerals move to the flag target of R192- R195
ARIThis chart forms part of a larger research note. None of the information posted here (TV) should be considered financial advice.
ARI has started to retreat from the major supply zone of 18000c-19200c. The recent consolidation top has been broken with the price below the 8-day EMA. Also noticeable is the price (17232c) currently extended well above the 50-day EMA (14983c). I’m expecting a moving back to the pivot (P) 15642c, followed by 15000c. Caution, time for a further pullback and consolidation on this name.
African Rainbow Minerals (ARI) - Short Term Tactical ViewAfrican Rainbow Minerals (ARI)
On an intrday/ultra short term basis the most recent 3-day lows 12520-12635 appear an attractive level for traders looking for a short term 240c-280c gain. Price remains above the rising 21-day exponential moving average. We see a pullback at the open (close has been right into the 0.618% FIB).
Pair: African Rainbow Minerals vs Sibanye GoldPair Trading Opportunity | Long ARI, Short SGL | On Friday 22 November we saw the daily candle close with a bullish engulfing formation. At the last close, the 200-day moving average is 70% above the current price of the ratio chart, signaling an extension well beyond the standard deviation. In addition, the 6 month performance of the two shares is startling, with ARI slipping by 1.57% while SGL saw it’s value increase by 134%. The current ratio level of 5.65 represents an opportunity to go long the shares of ARI while simultaneously shorting the shares of SGL. Use a stop-loss of 4.90 to protect capital with a target price of 7.20.