Happy for any south African that got out with a profit and got back in to make another round of profit.
Have many friends who got in at R1.10 and out at R3.40-R3.70. not a single that got the R3.80...majority around R3.40. Based on cup and handle theory, and expectation that all that got in did so mainly for the upside and not really as an investment.
the good news is that the share volumes traded was not in excess of 200 or 300 million indicating over selling and concern on company as we saw in December- volume sin keeping with the uptrend initiated 2 to 3 weeks- overselling would have been another worry
expect some ups and downs going forward- but at least until august results expect up ward momentum
Price Target- just some additional information from the web.....
Add the height of the cup to the breakout point on the handle. This provides an estimated target for the next advance.
As discussed in the cup and handle reversal section, uptrends can last for years. The target represents a target for the next rally, but that target could be exceeded as the long-term uptrend unfolds.
in Frankfurt- top of cup 0.25; bottom of handle at 0.14.... therefore can expect next advance back to 0.25 and thereafter beyond- I used Frankfurt as majority trade volume ..
we could see SA share price back to 3.50 today, rally tomorrow to R4.20 then a pull back Monday with further energy towards end of the week with new money coming in- can this share break R4.00---time will tell
Read more: Analyzing Chart Patterns: Cup And Handle https://www.investop...p#ixzz5MFgDL4Oe