Afrimat has held steadily above the critical level of 4366 as per my previous analysis, link below. On Tuesday 18 April, Afrimat released a voluntary trading update for the FYE'2023 and cautioned that: EPS is expected to be between 448.6 cents and 476.6 cents, representing a decrease of between 15% and 20% and HEPS is expected to be between 445.2 cents and...
I will be cautious to the long side until bulls reclaim R50-R52 zone else the risk of big R42-45 level remains high. Failure here triggers a very bearish head & shoulders pattern. Alternatively, a larger symmetrical triangle could develop on this market favourite.
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...
We night see this gentleman pushing up and up in this uptrend
the bull case on afrimat may resume as continuation of the previous trend
7>21 SMA - Bullish Price >200SMA - Bullish - Green background Cup and Handle has formed and the price has recently retested the Brim Level. RSI >50 (Green background) - and is showing higher lows - Bullish First target is R68.55 This also is showing upside as the local resource market continues to move up in 2023. General Info Afrimat is an acronym for...
The last time I covered Afrimat was on October 13 when the share was still in a strong downtrend and approaching a significant trendline. At that stage, I was neutral and called for patience and wait for the right signals, I believe we have enough signals now to go long. The share has broken out of a falling wedge pattern, there is strong price/MACD convergence...
Afrimat has formed another unusual and rare breakout pattern - Reverse Inv Cup and Handle. This is where the handle is on the left and the cup is on the right... The fact that the price has broken below the brim level and the RSI is making lower highs and is below 50, means there is further downside to come. Looks like R22.00 is on the cards for the stock.
The share consolidated briefly in a range between R50 - R52, but eventually broke to the downside on further market weakness and weaker iron ore price. Currently testing horizontal support failing which, we could see a quick move towards R42. I would like go see a close above R52 to initiate a long position again.
Afrimat had a strong run from March 2020 to peak at a new all time high at R76,47. Afrimat's share price trend is not easy to breakdown using Elliott Wave analysis but good old support, resistance and trendlines might just do. I am not a fan of sloping trendlines as support and resistance but seeing that this one has four touches makes it a good area of value to...
I am looking at taking this company long at the anticipated levels, this company has been performing well, their acquisitions have been outstanding and i love them.
Afrimat bullish case at play a bounce on the zone to the upside
- Afrimat pulled back to the 200 day moving average - Great area to accumulate more stock or open a position if you believe the trend will continue. (Trend is your friend) - Oscillators are also oversold -- MANAGE YOUR RISK - - Disclaimer: All ideas are my opinion and should not be taken as financial advice.
- Afrimat continues to perform well and this is reflected in the solid uptrend of the chart - Nothing else to do but add to position on any pullbacks - Recent breakout is very bullish and targets R54.10 -- MANAGE YOUR RISK - - Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Afrimat was able to break a significant resistance with good bullish force. In my personal opinion buying high prices is not a good idea even if one is only investing and not trading the stock, a good entry strategy is to allow the market to confirm that broken resistance by turning it into support , then i would pick up some shares
AFT has been in this strong uptrend for an extended period. Nice bull flag here in AFT. There have been a number of great buying opportunities with the pullbacks in this ticker. I am long while bullish sentiment remains in our market.