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Africanrainbowminerals

#ARI is African rainbow headed for further weakness?I hate to be the bearer of bad news but if we close below R169.00 on a closing basis I think African Rainbow could well trade much lower to a target of approximately R136.00. Not only is it currently losing a very important level of uptrend support but the R169.00 level has been an important pivot of resistance and support previously. Although the Head & Shoulder presented is a bit shady as the horizontal neckline is not at the same level, i do feel like a break of R169 will see the stock under pressure. Notice how it's lost its 200dma once again (green line).
JSE:ARIShort
by MarcoOlevano
ARI showing downside after a break below a strange patternI don't know if such a pattern exists but I call it a Reverse Cup & Handle. This is where the Handle (small rounding top) is on the left side of the cup (Big rounding top). Now that the price has broken below, we can expect supply side to bring the price down. 21>7>200 - Bearish RSI<50 Target R219.52 ABOUT ARI African Rainbow Minerals (ARM) is a South African diversified mining and minerals giant. The company was founded in 2004 by Patrice Motsepe, a South African billionaire businessman and philanthropist. ARM has interests in a wide range of minerals, including platinum, coal, The company's platinum division, ARM Platinum, is the world's second-largest platinum producer. ARM also has a 50% stake in Two Rivers Platinum, a joint venture with Impala Platinum Holdings. There are over 11,000 employees with a Market cap of over R30 billion - Blue Chip
JSE:ARIShort
by Timonrosso
ARI stunning Cup and Handle target to R340Cup and Handle has formed very nicely on the weekly chart. We've also had a strong breakout, confirming from the open of the candle. The moving averages are bullish 7 > 21 >200 RSI >50 - higher lows Bullish Target 1 - R340.00 Here's some information about the company to those who are international: African Rainbow Minerals (JSE:ARI) is a diversified South African mining company that was founded in 1997. The company has operations in the coal, platinum, manganese, chrome, iron ore, and copper industries, among others. ARM is listed on the Johannesburg Stock Exchange and is one of the largest mining companies in South Africa. It is also involved in various social and environmental initiatives in the communities where it operates.
JSE:ARILong
by Timonrosso