Afrimat, an open-pit mining company based in Southern Africa, has developed a robust reputation for its diverse supply of composites, construction materials, and other commodities to various industries. Historically one of the best performing shares on the Johannesburg Stock Exchange (JSE) until the end of 2015, Afrimat has navigated through periods of economic...
Afrimat, a prominent open-pit mining company in Southern Africa, provides a broad range of products including composites and construction materials. Until the end of 2015, it stood out as one of the JSE's top-performing shares, showcasing resilience and growth even through the COVID-19 pandemic. This growth trajectory saw the share price reach a peak of R76 on 6th...
Afrimat has printed an Inverse Head and Shoulders Pattern.
I know the Shoulders are small & Cute!
In this 1 Year Study Analysis I've Switched to a simple line Chart as to easily depict the Pattern.
The Chart Depicts the possible Upsides.
As always get a few Experts Advice before making any Investments or Trade decisions.
Smash that Rocket Boost Button to show...
See link for previous analysis.
Afrimat used to be a one-way steam train but the stock has lost its momentum since peaking at an all time high in April of 2022.
A 43% bear market saw the stock decline from 7647 to 4366 cps.
What we have seen from the 4366 low is a sequence of higher highs and higher lows with strong overlaps in the price swings.
From an Elliott...
Afrimat has printed an Inverse Head and Shoulders Pattern.
I know the Shoulders are small & Cute!
In this 1 Year Study Analysis I've Switched to a simple line Chart as to easily depict the Pattern.
The Chart Depicts the possible Upsides.
As always get a few Experts Advice before making any Investments or Trade decisions.
Smash that Rocket Boost Button to show...
The Afrimat Bull Run:
Afrimat limited
Chart Analysis
1.Price Formation: The price has broken out from an inverted C&H price formation on a daily chart.
2.Moving Averages: The 7-day moving average (MA) is above the 21-day MA, which is a positive sign indicating bullish momentum.
3.200-day Moving Average is below the Price.
4.Thus, Mas 7>21>200
5.Relative...
Afrimat (AFT) is an open-pit mining company that supplies composites, construction materials and other commodities to a range of industries in Southern Africa. Until the end of 2015, Afrimat was one of the best performing shares on the JSE. The share broke up out of a 3-year sideways pattern which included the COVID-19 crisis. It rose to a peak of R76 on 6th April...
It seems #Afrimat is catching the headlines of late but not for the right reasons. As the Monthly chart shows, there is a possibility that the price might currently be forming a bearish flag pattern, and it needs to stay above the lower yellow line to escape that fate. If not, the price can go substantially lower according to the flag pattern, but still not close...
The bullish impulse outlook from 4840 is still intact.
Price seems to be consolidating in wave ((iv)) of 3.
5610 is the current level of interest but the bullish count will need a re-assessment if price pulls back below 5355.
The five wave impulse move 4840 is well and truly intact.
Wave((iv)) looks to have bottomed at 5610 and that should be the stop-loss level for aggressive traders.
The impulse wave count from 4650 suggest more upside so buy the dips.
Afrimat has broken the down trend on the line chart and also a nice bull flag in the candle chart. Stochastics are oversold and pointing upwards. Momentum is picking up and reaching bullish territory. Will watch this one closely in case of reversal.
The stock has formed a lovely bull flag and looks to be gearing up for a nice move towards target around R72
Ideally bulls don't want to see a daily close below R53 as it will negate the positive bias.
A bull flag is a bullish continuation pattern that occurs during an uptrend. It is formed by a sharp price increase (flagpole) followed by a consolidation period...
Afrimat broke out of a descending channel as well as a symmetrical triangle. The stochastic is overbought and has crossed over together with the momentum indicator going into bullish territory. Waiting for a positive candle to enter position.
Cup and Handle was the last pattern we used to make this prob prediction.
Lately, we have had the price fall into a Falling Flag consolidation formation.
And the price has already broken up and out of it.
This means, we can expect upside to continue and head to our first target of R66.75.
7>21>200
RSI>50
Target R66.75
ABOUT THE COMPANY
Afrimat Limited...
Afrimat after a volatile period of ups and downs, seems to have chosen a direction.
It's been making higher lows, which has solidified the Cup and Handle formation.
We see indicators pointing up including:
7>21>200
RSI>50
My first target is to R65.43. This will give it enough room for upside and will give room in case the market jumps back down.
SMART MONEY...
Afrimat has traded as previously forecasted, link below.
4366 has been well defended and price also held above 4650.
Looking at recent price action, the stock looks to be impulsing and unfolding in five waves.
From 4840, I am counting the advance as an impulse with price in the early stages of wave (iii) of ((iii)) which can be a very powerful move.
Buy the dips...
Cup and Handle formed on Afrimat following the downtrend that's been extended since 2022.
We then had a break above the Brim Level showing demand and buying was in play.
MAs -Mixed
RSI>50 But there are higher lows.
Target R60.00
SMC: SSL - Order Block This Sell Side Liquidity order Block is most apparent BELOW the entire formation. We can see sweeping of sells...
