JSE's PEPKOR for a move to R19.50 before resuming downtrend?
JSE:PPH found support around R9.60 in mid 2020 and went on a rally to retest the R27.40 highs of December 2017, effectively closing the first week of November 2021 with a shooting star after being pushed to the downside from R27.59.
Price has been on a downtrend since then and is currently in a corrective phase in the form of a bearish flag, taking a potential short term 17%-gain creep from current levels to retest the R19.50~R20.30 zone where a rejection is expected before an impulsive sell-off takes place to retest levels around R9.60.
The instrument would have to trade well above 21.30 to raise the ears of buyers, and above R24.00 to invalidate the market's overall long term bearish sentiments.
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Price has been on a downtrend since then and is currently in a corrective phase in the form of a bearish flag, taking a potential short term 17%-gain creep from current levels to retest the R19.50~R20.30 zone where a rejection is expected before an impulsive sell-off takes place to retest levels around R9.60.
The instrument would have to trade well above 21.30 to raise the ears of buyers, and above R24.00 to invalidate the market's overall long term bearish sentiments.
Like, comment and follow if the above analysis was helpful.