Aspen Pharmacare Holdings Ltd: Recovery pending

25 August 2017 | Moxima Gama
 


BOTTOM LINE: APN is consolidating within its major bear trend

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Possible scenario:

APN is currently testing the lower slope of its symmetrical triangle. Its trading range may narrow as it trades towards the apex. The 3-week RSI is also oscillating within a triangle, and has bounced on the lower slope.

A positive breakout of the pattern would be confirmed above 30,225cps, and should trigger gains to either the resistance trendline of APNs bear trend, or the 34,700cps level - so go long above 30,225cps.

Alternative scenario:

A negative breakout of the symmetrical triangle would be confirmed below 26,265cps - in that case, go short. Downsides towards 21,230cps could then ensue.

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Moxima

Moxima Gama
Technical Analyst, Sharenet

Moxima has a B.Comm Finance from the University of South Africa and is a certified Chartered Market Technician Level 2, currently completing Level 3. She has been a technical analyst for 10 years, working for BJM, Noah Financial Innovation and for Standard Bank as part of the Research Team in the Treasury Division of CIB. She now runs her own business, The Money Hub, and consults for Sharenet. Moxima has been rated as one of the top 5 technical analysts in South Africa and outperformed the market during the recent recession. She regularly makes an appearance as a guest on CNBC Africa and writes often for Finweek and Sharenet’s Views.

Read an interview with Moxima, or discover Moxima’s trading insights via Sharenet’s Technical Analysis Newsletter.


Disclaimer:
The information contained in this article is for informational purposes only and must not be regarded as a prospectus for any security, financial product or transaction. It is neither to be construed as financial advice nor to be regarded as a definitive analysis of any financial issue. Investors should consider this research/article as only a single factor in making their investment decision. We recommend you consult a financial planner/advisor to take into account your particular investment objectives, financial situation and individual needs. The views and opinions (where expressed) in this article are those of the author and do not necessarily reflect the official policy or position of Sharenet.

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