TARGET REACHED for KAP Limited at R2.25 - WarningReversal Diamond Formation formed on the Daily chart.
This formation is a normally a big fight between the bulls and the bears.
Once the price breaks below it, sets the bar for the next momentum slide.
Which in this case was down.
We had other indicators confirming the downside to come including.
200>21>7 _ Bearish
RSI <30 - Bearish
And our first target was at R2.25 which hit yesterday.
It was a LONG hold but at least, some traders would have banked daily interest from shorting. Right now it's dangerous to just buy the stock because the price is so low. instead we need the market to turn and move in an uptrend establishment before we buy. Until then, I expect the market to continue to drop which I'll save the analysis for another day.
EXTRA FACTS ABOUT KAP LImited you may not know.
Formation:
KAP Industrial Holdings Limited was established in 2004.
Diversified Operations:
KAP's operations are diversified and extend across sectors such as logistics, passenger transport, manufacturing, and distribution.
Major Subdivisions:
The company operates in two main divisions: diversified industrial and diversified logistics.
Global Presence:
KAP has a broad geographical footprint and operates in more than 20 countries, primarily in sub-Saharan Africa and parts of Europe.
Noteworthy Brands:
The company owns or is involved with numerous well-known brands such as Unitrans, PG Bison, Feltex, and DesleeMattex.
The company's name, "KAP," is an acronym which stands for "Klipspringer, Algoa, and Peninsula," representing the names of three South African buses that were part of the company's origins.
