Astral Foods building some momentum post the annual results. A test of the intra-day high of R205.35 made on the 5th of September could be on the cards. The share is now trading above its 200-day MA.
Equities | ARL Astral Foods
Medium term trade idea with the following technical drivers:
- Price is above 8/21/50 exponential moving averages which are also starting to turn higher.
- The RSI has breached it's overhead resistance, while having retested the breakout level. At present, the indicator remains in the bull zone with a 64 print.
- The downward trend...
Currently, trading @ R165.49 – The 50-day moving average @ R163.56 could provide some support. A push higher and a test of the 200-day MA @ R177.68 is possible. Horizontal support around R143. Horizontal resistance around R195.
Astral Foods (Last close: 16070c)
Buy on a close above 16300c
Stop-loss: 15650c
Take Profit Target: 17800c
Key Technical Drivers: RSI and Money Flow breakout
Yes Mediclinic momentum to the downside has fizzled,hower a long buy would be in anticipation of the FIRST bullish move of a new trend,statistically continuation is the more likely event,obviously keep risk managed.
ARL is currently running in a slight upwards trend with Resistance around R177 - R180.
Long enter point when R177 - R180 resistance is broken with confirmation. This may mean a TRUE Bullish breakout.
Next major resistance at R217-R220
Astral Foods: Our last call on ARL (from 14350c on 28/01) saw the share make an immediate advance toward the target of 16000c. Since then, we have seen the share price test year-to-date highs of 17923c which is being followed by a short term consolidation. My next course of action is to monitor whether the price retraces to near the incline support or at least at...
