Afrimat is overbought at this stage, and i will wait for Fibonaci retrace, trendline and 200 MA to converge before entering a trade. Fundamentally i think Afrimat has a lot of upward potential, but is going to give us a breather first
It looks like Afrimat is being distributed. Following the Wyckoff logic, we have likely seen an upthrust of distribution (UTAD), a test to the UTAD and am now looking for the markdown in phase D. The distribution started after a throw over of the overbought line forming a buying climax (BC), automatic reaction (AR), secondary test (ST) in phase A. Some volume of...
Looking at a long term short opportunity
- Currently seeing retest of long term trendline
- .786 fib retracement level reached
- rising wedge forming as well
