JSE:APN has recently tested a spike low that it formed in March this year. It first it seemed like it had broken through, but it has since bounced and seems to be on its way up. Stochastic is confirming. If it breaks above yesterday's high, I will consider a long on Monday.
Aspen looks like it might have bottomed out for now. This could be a buy opportunity with a 8800 price target. Word of warning - Stick to a predefined stop loss in this market. Consider selling if the recent low is taken out.
JSE:APN seems to be forming a triple bottom at the bottom of a parallel channel. If it fails to make new lows, we could possibly see a long movement up towards the top of the channel.
We may derive the following from the Weekly APN chart:
1. Price has been on a rapid decline.
2. We are therefore looking for potential buy opportunities.
3. If we price breaks the red resistance line, we may consider a small buy.
4. As always - maintain your risk. Especially considering the massive downtrend APN is in.
Note: The views provided herein do not...
The Aspen share price has set a solid base around the R 100.00 levels.
I'm getting excited about the futures price prospects and anticipate a strong recovery toward R 120.00
Furthermore, the stochastic's confirms my view of a strong recovery!
Time to build a solid position
Price has made its way down from the monthly highs near 11300 and is a trading just above the lows we saw in mid-April.
Given the strong downtrend that this share finds itself in, we have no reason to look for longs as yet - only a close above 11300 would interest this trader in a counter-trend buy.
I'd like to see a close below 8860 - this would open the way up...
I am expecting a bullish momentum as we complete a correction pattern, before further downside. Targets should be at the top of the flag pattern and position size small, as we are in a downtrend.
Watch for a break of 11050. Once that resistance level is broken it will open the path to targets 12700, 13650. Take consideration of current weak market conditions in determining position size.
Aspen time to go long !
After the sell-off early October 2018, Aspen’s share price has been building a sold base for several months.
Most recently the R 140.00- R 145.00 base is in play…
I'm loving the positive momentum and a move towards R 200.00 is sensible ...go go go go !
JSE:APN
After big drop it consolidates in down sloping channel. Tested top of the channel late in January.
Support at 13800. If it breaks bellow it will probably go and back test bottom of the channel that is currently around 11500/12000 area.
The technical setup and trading action for Aspen Pharmacare is signaling that it is willing to make further price advances. Yesterday, we received additional confirmation of this as the share traded in the low R140s before closing the session at 146.20 (+1.18%). The R139 to R141 level has been a fairly strong support zone while the share is also currently making...
