$JSEAFT - Afrimat: Can Bulls Defend 4366?
Afrimat had a good run after the update I did on the 13th of December 2022, link below.
For a company that has recently been classified under General Mining on the JSE, we know how cyclical commodity stocks can be so it's good to take profit and update charts regularly.
The move from 4366 to 6066 is labelled as a five wave advance.
The correction from 6066 has thus far unfolded in three waves, as to be expected, but it is too early to call a bottom.
For the bullish sequence to remain valid, the bulls will have to defend 4366.
FY2023 ended at the end of February so be on the lookout for trading updates and statements.
For a company that has recently been classified under General Mining on the JSE, we know how cyclical commodity stocks can be so it's good to take profit and update charts regularly.
The move from 4366 to 6066 is labelled as a five wave advance.
The correction from 6066 has thus far unfolded in three waves, as to be expected, but it is too early to call a bottom.
For the bullish sequence to remain valid, the bulls will have to defend 4366.
FY2023 ended at the end of February so be on the lookout for trading updates and statements.
