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Our opinion on the current state of SOUTH32(S32)South32 (S32) is a major player in the global mining sector, initially spun off from BHP Billiton in 2015 to manage BHP's South African coal assets. Today, it stands as a diversified miner involved in the extraction of base metals and minerals like zinc, coal, aluminium, silver, lead, nickel, and manganese, with operations extending across South Africa, South America, and Australia. Significant strategic shifts have been a hallmark of South32's operational strategy. In a notable move, the company divested its South African coal assets, which primarily supplied Eskom, to Seriti as of 1st June 2020. This divestiture is part of a broader trend where South32 is reducing its exposure to South Africa, citing administrative and legislative uncertainties. This sentiment is mirrored in comments by CEO Graham Kerr, who has expressed reservations about mining exploration in South Africa until the mining charter is finalized. Concurrently, South32 has enhanced its investment in base metals through the acquisition of the remaining 83% of Arizona Mining, not previously owned. This acquisition is strategic, considering Arizona Mining's rich portfolio in zinc, manganese, and silver, which Kerr described as "one of the most exciting base metal projects in the world." Financially, South32 has faced challenges with its revenue down 20% for the year ending 30th June 2023. However, headline earnings per share (HEPS) stood at 22.6 cents (US), a decrease from the previous year's 59.5 cents. Despite this downturn, the company has reported strong production growth in commodities crucial for a low-carbon future, achieving record production levels in aluminium, base metals, and manganese. Continued operational updates through 2023 and into 2024 reveal a company adapting to market demands and environmental considerations. Notably, South32 plans to transition its Hillside smelter to renewable energy sources and reduce dependence on Eskom over the next decade. This is part of a $1.4 billion share buy-back plan, indicating confidence in the company's value and future. Recent production updates have been mixed, with stable guidance overall but specific challenges such as the impact of hurricane Megan on its Australian manganese operations. The company's share price has mirrored the volatility in the commodity markets, showing resilience post-COVID19 but facing declines as commodity prices fell since March 2023. In conclusion, South32 remains a robust entity in the mining sector with a strategic focus on diversification and sustainability. It offers significant potential for investors looking to engage with a company actively transitioning towards commodities that support a low-carbon future while navigating the complexities of global and regional mining landscapes.
JSE:S32
by PDSnetSA
Our opinion on the current state of ORIONMIN(ORN)Orion Minerals (ORN) is an Australian-based exploration company, also listed on the Johannesburg Stock Exchange and the Australian Stock Exchange in Sydney. It focuses on the development of its copper and zinc assets in Prieska, South Africa. This mine, formerly operated by Anglovaal, ceased operations in 1990 after two decades of extracting significant quantities of zinc and copper concentrate. One of the critical challenges Orion faces at this site is managing the flooding that has occurred since the mine's closure. Orion is planning a revival of the Prieska mine with a mechanized and minimal labor strategy. Additionally, the potential development of a smelter by Vedanta Resources, which operates the nearby Gamsberg mine, could provide essential support to the entire mining region, including potential inputs from Namibia. This smelter would be instrumental once Orion commences the substantial task of pumping out nearly 9 million cubic meters of water from the mine to begin production, anticipated to start in 2024. Exploration and mining carry inherent risks, making them some of the most volatile investments on the JSE. Orion's venture into this field is particularly precarious, as evidenced by its fluctuating financial performance and the nature of penny stocks. On the funding front, Orion has taken significant steps, securing R34.5 million from the Industrial Development Corporation (IDC) for a 43.75% stake in its new Okiep copper mining operation and a R250 million line of credit for further project development. For the six months ending 30th June 2023, Orion reported a consistent loss of A$15.2 million, with a slight improvement in its headline loss per share. The company has emphasized the role of the IDC as a strategic funding partner, underlining the critical support it receives for its flagship projects in Okiep and Prieska. Recently, Orion announced a major discovery in its Okiep Copper Project, reporting a "Spectacular High-Grade Copper Intercept" that significantly impacted its share price, propelling it from 19c to 24c. This news highlights the potential upsides of investing in mining explorations, despite their inherent risks. Investors considering Orion should be cautious, given the company's history of losses and the overall volatility associated with mining stocks. While the recent discovery could offer considerable upside, the general advice would be to maintain a strict stop-loss level to manage potential risks effectively. This strategy is crucial in navigating the highs and lows typical of the mining sector, especially for companies like Orion, which operate on the frontier of resource extraction.
JSE:ORN
by PDSnetSA
Our opinion on the current state of MERAFE(MRF)The Glencore-Merafe joint venture, a significant player in the ferrochrome industry, operates mines, furnaces, and smelters predominantly in Mpumalanga and Limpopo, South Africa. This joint venture is one of the largest ferrochrome producers globally, with the capacity to produce up to 2.3 million tons of ferrochrome annually. Merafe Resources, as part of this partnership, receives 20.5% of the proceeds, with the majority stake held by Glencore. One of the critical challenges facing the operation is the electricity supply. Ferrochrome smelting is energy-intensive, and the recent increases in electricity tariffs by Eskom—15.6% last year and an additional increase of just under 10% from 1st April 2022—have significantly impacted operational costs. Furthermore, concerns about Eskom's ability to provide sufficient power have led to the suspension of their Lion 3 expansion project, indicating the severity of the energy challenges. Operational difficulties extend beyond energy, with issues also arising in logistics, specifically the availability of Transnet trains to transport their products, which is another bottleneck affecting the venture's efficiency. Despite these challenges, the financial performance for the year ending 31st December 2023 showed a revenue increase of 16% and a slight improvement in headline earnings per share (HEPS), rising from 56.4c to 60.1c. Merafe reported a record profit of R1.753 billion during a tough economic period, supported by high demand and supply constraints in the chrome market, although ferrochrome itself saw weaker demand and lower sales volumes. Looking ahead to the first quarter of 2024, the company noted a significant reduction in chrome production, approximately 26%, primarily due to the non-operation of the Rustenburg smelter in response to market conditions. This adjustment reflects the broader challenges within the ferrochrome market and the impact of global economic shifts. In terms of stock performance, the share price of the joint venture peaked at 192c on 4th April 2022 but has experienced a general downward trend since, with a brief rally in September 2022. Recently, the share found some support at 104c, showing a slight upward trend, though the recovery was short-lived, underscoring the share's volatility. Overall, while the Glencore-Merafe joint venture operates in a sector with robust potential, given the global demand for stainless steel, it faces significant operational and market challenges. These include not only energy and logistical issues but also the broader economic conditions affecting commodity prices and demand. As such, it remains a volatile commodity share, susceptible to both external market forces and internal operational challenges. Investors interested in this sector should be mindful of these risks and consider the broader economic indicators that influence commodity markets.
JSE:MRF
by PDSnetSA
Our opinion on the current state of ELLIES(ELI)Ellies (ELI) is a South African electronics company that specializes in importing and distributing electrical products and supplying solar power solutions. Despite its early successes, Ellies has faced significant financial difficulties in recent years, highlighted by a dramatic decline in its share price from nearly R10 in 2013 to just 2 cents recently. Ellies has attempted to pivot from its dependence on MultiChoice and DStv dish installations towards a focus on solar energy solutions, reflecting shifts in market demand and energy trends. However, the company has struggled with profitability and cash flow, leading to multiple rounds of retrenchments as part of Section 189 procedures under the Labour Relations Act. The most recent of these was announced on 26th September 2022, which resulted in a nearly 20% drop in its share price. Financial performance has continued to deteriorate, with the company reporting a significant decrease in revenue by 30.6% for the six months ending on 31st October 2023. During this period, Ellies also reported an increased headline loss per share of 13.2c, compared to a loss of 4.58c in the previous corresponding period. The company's financial state has further been strained by negative equity of 7.3c per share. The dire financial situation prompted Ellies to enter business rescue on 31st January 2024, a last-ditch effort to salvage the company. Unfortunately, the situation worsened, leading to the resignation of four non-executive directors in April 2024, followed by an announcement on 10th April that the company would be going into liquidation, as the business rescue practitioners determined there was no viable path to recovery. On 22nd April 2024, Ellies took the further step of voluntarily suspending trading of its shares, indicating the cessation of its operations and the final phase of its corporate existence. This marks a stark turnaround from its earlier market position and highlights the challenges faced by the company in adapting to changing market dynamics and sustaining its business model. Investors and stakeholders in Ellies have witnessed a significant erosion of value, and the company’s trajectory serves as a cautionary tale of the risks associated with investing in volatile and highly competitive industries like electronics and energy solutions. The failure to stabilize the business and achieve a successful pivot strategy has led to its ultimate downfall, underlining the importance of agile management and robust financial health in navigating the complexities of today's business environment.
JSE:ELI
by PDSnetSA
Our opinion on the current state of CASHBIL(CSB)Cashbuild is the leading retailer in Southern Africa for building materials and hardware, primarily focusing on the home improvement market. The company's growth strategy in the region, characterized by slow economic activity, primarily revolves around expanding its store footprint. This expansion is viewed as a positioning strategy to capitalize on any potential recovery in the broader economic environment of Southern Africa. For the six months ending on 24th December 2023, Cashbuild reported a modest revenue increase of 2%, but experienced a significant reduction in headline earnings per share (HEPS), which decreased by 20%. Additionally, the company's net asset value (NAV) declined by 16% to 7757 cents per share. These financial indicators reflect the challenging conditions in which Cashbuild operates. The company noted that while revenue from pre-existing stores (312 stores existing before July 2022) saw a slight increase of 1%, the nine new stores also contributed a 1% increase to total growth. However, despite stable gross profit levels, the gross profit margin percentage decreased from 25.3% to 24.7%. This margin contraction was alongside a modest selling price inflation of 3.2% as of December 2023 compared to the previous year. In its update for the third quarter ending 31st March 2024, Cashbuild continued to report revenue growth, albeit limited to 3%, with the nine new stores again contributing 1% to this growth. Selling price inflation was slightly lower at 2.4%. These figures suggest ongoing efforts to manage costs and pricing in a tight economic context. From a technical perspective, Cashbuild’s shares have experienced significant volatility. The stock was on a downward trend from March 2018, hitting a low in March 2020 at R120 per share. It then saw a substantial rise to R337 in February 2021, before entering another downward trend. Currently priced at R143.50, the stock trades at a P/E ratio of 13.29 and offers a dividend yield of 3.66%. Despite Cashbuild's strong management and strategic positioning to leverage any economic upswing, the company operates in a highly competitive sector that demands continual adaptation to market forces and consumer behavior. Although the share price has seen declines, making it more accessible, it still presents as somewhat pricey given the broader market conditions. Potential investors should weigh the robust management against the operational challenges and market position before considering an investment, especially in light of the competitive pressures and economic uncertainties prevailing in Southern Africa.
JSE:CSB
by PDSnetSA
Merafe Dividend messed up analysis to the upside of R2.00What a difference a dividend makes! The payment went out on the 15 April 2024, and because there are derivatives that traders can trade off - the algorithm droped the share price quite significantly. I don't think this company should be providing such high dividends if it wants growth in the share price, but hey I'm just the guy behind a computer. So last time, we saw a Dividend release in September, it took 6 months for the share price to make it's way up and close the gap. Now it is likely for the same thing to happen. This is not a technical analysts haven type market because fundamentals trump the price action. But overall, I guess shareholders are remotely happy for their income distribution and in the long run Merafe will one day hit R2.00 :D
JSE:MRFLong
by Timonrosso
$JSEDRD - DRD Gold: Will The Laggard Play Catch-Up?See link below for previous analysis. Gold and JSE Gold gold stock have been on a strong run lately. DRD clearly did not get the memo as the stock is trending up but very slowly comapared to its peers and with the tailwinds provided by the gold price. When such a disconnect occurs, one needs to take a deep look into the fundamentals which is beyond the scope of this analysis. From an Elliott Wave perspective; The bull run from 864 to 2546 cps is in five wave for wave 1. The bear from 2546 to 1200 is for wave 2. The current rally is the early stage of wave 3. I will maintain a bullish stance above 1200 though with low conviction.
JSE:DRDLong
by Loyiso_BlaqueSoros_Mpeta
Bidvest in resting mode until the big breakout up to R290.00Bidvest has been moving in a sideways consolidation pattern called a Diamond Pattern since November 2023. This is where there is a tug of war between the bulls and the bears. BUt the fact that the price is holding quite well despite the international market crashes, means the buyers are holding the stock strong. It will most like need a few more weeks/months for the pattern to play out. But once it breaks above the consolidation, we can easily see the price head up to R290.00 It's a patience game for Bidvest.
JSE:BVTLong
by Timonrosso
Our opinion on the current state of JUBILEE(JBL)Jubilee Metals Group (JBL) is a distinguished player in the metals recovery industry, primarily focused on the reprocessing of mine waste and surface materials. The company is listed on the London AIM market and the Johannesburg Stock Exchange's Alt-X. Its geographical footprint spans across South Africa, the UK, Madagascar, Australia, and includes a joint venture in Zambia, underscoring its international operations and strategic diversification. Jubilee primarily produces platinum group metals (PGM) and chrome. One of its significant assets is a 63% stake in the Tjate project on the Western limb of the Bushveld Igneous Complex, which is noted for being the world's largest undeveloped block of platinum ore with an estimated potential of 65 million ounces. Despite the high potential of this asset, in recent years, Jubilee has shifted its focus towards smelting and beneficiation as a strategic move to enhance cash flow and operational sustainability. In a recent expansion of its operations, Jubilee invested approximately R154 million to consolidate its PGM retreatment business. This investment was directed towards acquiring a chrome processing operation and approximately 1.8 million tons of tailings from PlatCro Minerals, further bolstering its resource processing capabilities. Jubilee's financial performance for the six months ending on 31st December 2023 demonstrated significant growth, with an 18.4% increase in revenue. PGM production rose by 11.2%, and chrome production increased by 7.4%. The company also reported strong growth in its Zambian copper operations, driven by ongoing investment in expansion projects and an anticipated sharp increase upon the completion of upgrades to the Roan copper concentrator. The first quarter of 2024 saw Jubilee achieving record monthly chrome production of 408,710 tons, a substantial increase from 381,114 tons in the previous quarter. However, PGM production experienced a slight decline of 3.6% year-to-date. Despite this, Jubilee remains optimistic about its capacity for continued growth and operational success, as reflected in its latest quarterly update. Jubilee Metals Group's strategic approach to resource recovery and beneficiation, combined with its international diversification and focus on low-cost production, positions it as a compelling option within the mining sector. However, potential investors should be aware of the inherent volatility and risks associated with the commodity markets and the specific challenges of metal recovery operations. On 12th December 2023, Jubilee announced the acquisition of one of the largest dumps of copper waste in Zambia, which notably increased the share price by 19%. The company's share price trajectory recently confirmed a positive shift as it broke through the long-term downward trendline on 8th April 2024 at 171 cents per share, suggesting a potential bullish trend in the near term. Despite the promising aspects, the investment in Jubilee Metals should be approached with caution, considering the fluctuating nature of commodity prices and the specific challenges facing the mining and metals recovery sectors.
JSE:JBL
by PDSnetSA
Our opinion on the current state of BHP(BHG)BHP Group, headquartered in Melbourne, Australia, stands as one of the largest and most diversified global commodities companies. With operations primarily in the Americas and Australia, BHP employs around 62,000 people and engages in the production of essential commodities such as copper, iron ore, coal, oil, and gas. Among its notable assets, BHP holds a 57.5% stake in the Escondida mine in Chile, the world's largest copper producer, which also yields gold and silver. It also owns significant shares in other major mining operations such as the Antamina mine in Peru, producing copper and zinc, and the 100% owned Pampa Norte, which produces copper cathode in Chile's Atacama Desert. In Brazil, BHP owns 50% of the Samarco mine, known for its iron ore production. It also holds a one-third interest in the Cerrejon coal mine in Colombia, one of the largest open-cut coal mines in the world. In Canada, BHP holds rights to one of the world's largest unexploited potash deposits in Saskatchewan. BHP's Australian operations are extensive, including the Olympic Dam, one of the largest deposits of copper, uranium, and gold globally. The Western Australia Iron Ore operation consists of a network of five mines connected by over 1,000 kilometers of railway, reinforcing its status as a major player in the iron ore market. Additionally, BHP owns Queensland Coal, which includes the Mitsubishi Alliance and Mitsui Coal, and the Mt. Arthur open-pit coal mine in New South Wales. Its Nickel West operation in Australia includes a fully integrated mine with smelters, concentrators, and a refinery. In the petroleum sector, BHP possesses high-quality resources in the Gulf of Mexico, Australia, Trinidad, and Tobago, which complements its solid minerals portfolio. For the six months ending on 31st December 2023, BHP reported a revenue increase of 6% despite a 48% drop in headline earnings per share (HEPS). The company's tangible net asset value (NAV) slightly decreased from $8.91 to $8.68 per share. BHP noted operational highlights, including record production in copper at its operations in South Australia and Chile, and strong performance in Western Australia's iron ore sector. Furthermore, BHP is expanding its potash production capacity in Canada, illustrating its ongoing strategic growth initiatives. Looking at the nine months to 31st March 2024, BHP remains on track to meet its production targets for copper, iron ore, and energy coal. This reflects robust performance and favorable ore grades, particularly highlighted by increased copper volumes from operations in South Australia and Chile. BHP's performance is intricately linked to global commodity prices, making its shares subject to significant volatility. Despite this, the company has shown resilience, managing to recover from the impacts of the coronavirus pandemic with a strong upward trend in its share price since March 2020, though it has faced challenges with falling commodity prices starting in 2024. As a major player in the global commodities market, BHP's fortunes are closely tied to the overall health of the global economy, with specific attention to demand from regions like China and India. As such, while BHP is positioned for long-term growth, investors should be mindful of the inherent volatility associated with the commodities sector.
JSE:BHG
by PDSnetSA
Our opinion on the current state of OCEANA(OCE)Oceana Group, Southern Africa’s largest fishing business, holds a prominent position in the industry with a significant presence not only locally but also in the United States through its subsidiary, Daybrook Fishing. The company's broad product range includes canned fish, fish meal, fish oil, hake, mackerel, lobster, and squid. Oceana is dual-listed on the Johannesburg Stock Exchange (JSE) and the Namibian Stock Exchange, reflecting its substantial market reach. The business is heavily regulated, subject to government-issued quotas, which can fluctuate due to policies such as Black economic empowerment. Additionally, operations are significantly impacted by weather conditions, which can affect catch sizes and operational efficiency. For the six months ending 31st March 2023, Oceana reported impressive financial results, with revenue up 48% and headline earnings per share (HEPS) increasing by 123%. The company attributed this strong performance to its diversified portfolio across different species, geographies, and currencies. High initial inventory levels of canned fish, fishmeal, and fish oil, coupled with robust demand for canned fish and favorable pricing for fish oil, helped the company navigate challenging operating conditions. In its trading update for the 11 months up to 27th August 2023, Oceana noted an 8% increase in Lucky Star canned fish sales volumes, though there was a 5% decrease in US landings of fish. Horse mackerel sales remained stable. Looking ahead to the six months ending 31st March 2024, Oceana estimated that HEPS would rise by 89% to 99%. This forecasted growth is primarily driven by higher sales volumes of fishmeal and fish oil by Daybrook, along with strong pricing for fish oil in US dollars, and enhanced canned food sales from the Lucky Star brand. The company's share price has been on an upward trajectory since July 2022, currently trading at an earnings multiple (P/E) of around 9.62. This valuation suggests that Oceana is well-regarded as a solid blue-chip stock, although its exposure to environmental factors and regulatory changes introduces a degree of volatility. Oceana's strategic direction includes exploring opportunities in aquaculture. However, the company faces constraints due to competition regulations within South Africa. This limitation has prompted considerations for potential acquisitions outside of South Africa to bypass these restrictions and expand its operational footprint. Noteworthy corporate developments include the resignation of PWC as its external auditor in May 2022 and the acquisition of a secondary listing on the A2X exchange as of 27th March 2023. These actions reflect ongoing adjustments in its corporate governance and market engagement strategies. In summary, Oceana Group presents as a robust investment with potential for significant growth, underscored by a strong operational base and strategic market positioning. However, potential investors should be mindful of the inherent risks due to regulatory, environmental, and market volatility factors.
JSE:OCE
by PDSnetSA
Our opinion on the current state of ORIONMIN(ORN)Orion Minerals (ORN) is an Australian-based exploration company dual-listed on the Johannesburg Stock Exchange (JSE) since September 2017 and the Australian Stock Exchange in Sydney. The company focuses on revitalizing the Prieska copper and zinc mine, which was previously operated by Anglovaal and ceased operations in 1990 after two decades of active mining, yielding significant quantities of zinc and copper concentrate. Orion is exploring opportunities to reboot the Prieska mine using a mechanized approach that minimizes labor, aiming to address the main challenge of flooding that has plagued the mine. This ambitious project involves pumping out nearly 9 million cubic meters of water from the mine’s flooded infrastructure. Production is optimistically slated to begin in 2024. In addition to these efforts, Vedanta Resources, operating the adjacent Gamsberg mine, is considering the development of a smelter that would potentially service the entire regional mining sector, including potential resources from Namibia. This development could provide significant synergistic benefits to Orion's operations if realized. On the financial front, Orion has taken significant steps towards funding its initiatives. On 8th September 2022, the company secured R34.5 million from the Industrial Development Corporation (IDC) for a 43.75% stake in its new Okiep copper mining venture. Subsequently, on 21st October 2022, Orion secured a R250 million line of credit with the IDC. These moves demonstrate a robust partnership with the IDC, which has become a strategic funding ally for Orion’s flagship projects, including both the Okiep Copper Project and the Prieska Copper Zinc Mine. Despite these strategic advances, Orion remains a high-risk investment. For the six months ending 30th June 2023, the company reported a consistent loss of A$15.2 million. The headline loss per share slightly improved to 31c from 33c in the previous period. Furthermore, the company has recently updated its mineral resource estimates for the Prieska Copper Zinc Mine (PCZM), increasing the resource estimate to substantial new levels, which suggests potential for future development. As of 30th September 2023, Orion reported having $15.74 million in cash, indicating a solid liquidity position to support its immediate operational needs. However, the recent announcement on 17th April 2024 regarding the acquisition of the Okiep mineral rights and a subsequent halt on trading due to a material announcement about exploration results at the Okiep copper mine indicates significant ongoing developments and potential volatility. Investors considering Orion Minerals must weigh the high-risk nature of mining exploration against the potential for substantial returns if Orion successfully navigates the considerable operational and financial challenges ahead. Caution is advised, with the implementation of a strict stop-loss strategy to manage potential losses, given the volatile nature of the stock and the exploration sector it operates within.
JSE:ORN
by PDSnetSA
Our opinion on the current state of INSIMBI(ISB)Insimbi Group is engaged in the manufacturing and supply of specialist products within the industrial sector. Their operations encompass sourcing, buying, packaging, processing, and recycling of ferrous and non-ferrous alloys, refractory and foundry materials, as well as plastic blow-moulding and injection moulding. The group also offers technical support to users of their products, which adds a service dimension to their primary manufacturing and supply operations. In their financial update for the six months ending 31st August 2023, Insimbi reported a revenue decline of 4% and a decrease in headline earnings per share (HEPS) by 6%. The company attributed these results to challenging operating conditions, though it noted that price fluctuations in key commodities like copper, aluminium, nickel, and steel had somewhat balanced out. Despite these challenges, revenue was largely maintained at over R3 billion, a slight decline compared to the same interim period in 2022, with operating profit falling by 9%. Looking ahead, Insimbi issued a trading statement for the year ending 29th February 2024, forecasting a substantial reduction in HEPS, anticipated to be between 50% and 60% lower than the previous period. This significant expected drop in earnings highlights ongoing operational challenges and possibly continued volatility in commodity prices which directly impact their business model. From a technical analysis perspective, Insimbi’s share price has seen considerable fluctuations over the years. The stock was on an upward trend until June 2018, but it then fell to a low of 50c by December 2020. The share price saw a recovery, climbing to a high of 139c in June 2023, before entering another downward trend. These movements suggest a volatile stock, heavily influenced by external market conditions and internal operational factors. Given the company's exposure to the fluctuating prices of commodities, Insimbi’s performance is intrinsically linked to the broader economic conditions, particularly within South Africa. A recovery in the South African economy could potentially benefit Insimbi, yet the stock remains a high-risk investment due to its susceptibility to market cycles and commodity price changes. Additionally, with an average daily trading volume of around R29,000, the share is considered marginal for investment by private investors due to liquidity concerns, which could make entry and exit positions more challenging to manage. In conclusion, while Insimbi may stand to gain from an economic upturn, potential investors should carefully consider the risks associated with its commodity-dependent business model and relatively low liquidity in the market.
JSE:ISB
by PDSnetSA
$JSEABG - ABSA: Heavy Resistance + Head & Shoulders = BearishSee link below for previous analysis. A look at the bigger picture of ABSA shows that the stock has a very strong resistance zone between 20371 to 21100cps. The stock has tested this zone on three occasions giving what can be viewed as a Triple Top over 7 years. Interestingly, the bull market from March 2020 has culminated in a textbook Head & Shoulders pattern which has recently been validated by a break below the neckline. The traditional Head & Shoulder price target is around 9000cps. *Price tends to fail in reaching the traditional approximation. The trend is clearly bearish.
JSE:ABGShort
by Loyiso_BlaqueSoros_Mpeta