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UPDATE: Afrimat on target to R66.75 and a new pattern arisesCup and Handle was the last pattern we used to make this prob prediction. Lately, we have had the price fall into a Falling Flag consolidation formation. And the price has already broken up and out of it. This means, we can expect upside to continue and head to our first target of R66.75. 7>21>200 RSI>50 Target R66.75 ABOUT THE COMPANY Afrimat Limited is a leading black empowered open pit mining company in South Africa. Name: Afrimat's name appears to be a combination of "Africa", reflecting its roots and primary operational region, and "mat", which could potentially be derived from "materials", representing the company's core business in supplying construction and industrial materials. Founding: Afrimat was founded in the early 1960s as the Lancaster Group, and was rebranded as Afrimat Limited in 2006. Listing: The company is listed on the Johannesburg Stock Exchange (JSE), and its listing took place in 2006. Headquarters: Afrimat's headquarters are situated in Durbanville, Cape Town, South Africa. Operations: Afrimat operates nationally in South Africa, and internationally in Namibia. It provides a range of materials, including aggregates, industrial minerals, and commodities. Aggregates: The company started as a producer of building aggregates, but it has since diversified into a wide range of mining and related sectors. Industrial Minerals: Afrimat expanded into industrial minerals and now produces dolomite, limestone, silica, and others. Leadership: Andries van Heerden is the Chief Executive Officer (CEO) of Afrimat.
JSE:AFTLong
by Timonrosso
Afrimat showing strong upside after C&H break up to R65.43Afrimat after a volatile period of ups and downs, seems to have chosen a direction. It's been making higher lows, which has solidified the Cup and Handle formation. We see indicators pointing up including: 7>21>200 RSI>50 My first target is to R65.43. This will give it enough room for upside and will give room in case the market jumps back down. SMART MONEY CONCEPTS Below the Handle and the Cup is clearly a Sell Side Liquidity Order Block. With the wicks coming down and for the bodies closing near the highs, states that buying is stronger. And so with SSL Smart Money buys into positions (and sweeps liquidity) from traders who are long (get stopped) and for short traders who enter into their trades. ABOUT THE COMPANY Afrimat Limited is a leading black empowered open pit mining company providing industrial minerals and construction materials in South Africa. Founding: Afrimat was founded in 1965 as Prima Klipbrekers, primarily a mobile crushing company. Name Origin: The name Afrimat is a combination of "Africa" and "Materials," indicating the company's African identity and its focus on materials. Public Listing: Afrimat was listed on the Johannesburg Stock Exchange (JSE) in 2006. Diversified Portfolio: Afrimat's portfolio of products includes crushed aggregates, limestone, silica, and other industrial minerals. Geographic Reach: The company has operations across South Africa, has expanded into other African countries. Acquisitions: Afrimat has grown through a series of strategic acquisitions, including Lancaster Quarries and the Glen Douglas dolomite mine. Construction Materials: The company supplies construction materials, primarily concrete-based products, to the construction industry. Industrial Minerals: Afrimat also has a strong presence in the industrial minerals sector, supplying materials for various industrial applications.
JSE:AFTLong
by Timonrosso
Afrimat showing a strong bounce up to R60.00Cup and Handle formed on Afrimat following the downtrend that's been extended since 2022. We then had a break above the Brim Level showing demand and buying was in play. MAs -Mixed RSI>50 But there are higher lows. Target R60.00 SMC: SSL - Order Block This Sell Side Liquidity order Block is most apparent BELOW the entire formation. We can see sweeping of sells over the last month, and the buying into it has cause the price to rocket. Afrimat is looking strong for upside.
JSE:AFTLong
by Timonrosso
Afrimat retesting Cup and Handle - Target R68.55 7>21 SMA - Bullish Price >200SMA - Bullish - Green background Cup and Handle has formed and the price has recently retested the Brim Level. RSI >50 (Green background) - and is showing higher lows - Bullish First target is R68.55 This also is showing upside as the local resource market continues to move up in 2023. General Info Afrimat is an acronym for "African Material Supplies", which is where the company got its name from. The name is reflective of the company's focus on providing industrial minerals and construction materials to customers throughout Africa. It specialises in mining and supply of industrial minerals, including construction materials such as aggregate, sand, and granite. It operates in certain places in South Africa like Western and Eastern Cape, KwaZulu-Natal, and the Free State.
JSE:AFTLong
by Timonrosso