Tharisa PLC has not escaped the share price beatdown that commodity instruments experienced from early 2022, however it is looking tasty for short term trades that could turn into long term profitable holds.
Looking at the stock's line graph (candlestick graph is far too noisy due to volatility), we can see price caught in a mini falling wedge after finding support around R17.
Long positions can be initiated when the instrument starts to trade and hold well above R18.75, with an initial stop loss below R17.80. It is best to trail the stop accordingly after price retests the R18.75 level and moves beyond R20.50. The fact that the stock can become quite volatile may neccessitate for wider stops.
Bullish sentiments will be completely off the table once the instrument trades and settles below R16.90 as R10.30 levels and lower may be visited to seek support.
Looking at the stock's line graph (candlestick graph is far too noisy due to volatility), we can see price caught in a mini falling wedge after finding support around R17.
Long positions can be initiated when the instrument starts to trade and hold well above R18.75, with an initial stop loss below R17.80. It is best to trail the stop accordingly after price retests the R18.75 level and moves beyond R20.50. The fact that the stock can become quite volatile may neccessitate for wider stops.
Bullish sentiments will be completely off the table once the instrument trades and settles below R16.90 as R10.30 levels and lower may be visited to seek support.