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AFRIMAT LIMITED

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$JSEAFT - Afrimat Ltd: Stock Fades Weak Trading UpdateAfrimat has held steadily above the critical level of 4366 as per my previous analysis, link below. On Tuesday 18 April, Afrimat released a voluntary trading update for the FYE'2023 and cautioned that: EPS is expected to be between 448.6 cents and 476.6 cents, representing a decrease of between 15% and 20% and HEPS is expected to be between 445.2 cents and 472.3 cents, representing a decrease of between 13% and 18%. The stock closed the day 3% down but yesterday was up 4.12% and looks to be building upside momentum. The near-term critical level to watch is 4650 and can be used as a stop-loss level for aggressive traders but 4366 remains the invalidation level for the bullish continuation outlook.
JSE:AFTLong
by Loyiso_BlaqueSoros_Mpeta
$JSEAFT - Afrimat: Can Bulls Defend 4366?Afrimat had a good run after the update I did on the 13th of December 2022, link below. For a company that has recently been classified under General Mining on the JSE, we know how cyclical commodity stocks can be so it's good to take profit and update charts regularly. The move from 4366 to 6066 is labelled as a five wave advance. The correction from 6066 has thus far unfolded in three waves, as to be expected, but it is too early to call a bottom. For the bullish sequence to remain valid, the bulls will have to defend 4366. FY2023 ended at the end of February so be on the lookout for trading updates and statements.
JSE:AFT
by Loyiso_BlaqueSoros_Mpeta
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
$JSEAFT - Afrimat Ltd: Technicals Are Screaming Buy!The last time I covered Afrimat was on October 13 when the share was still in a strong downtrend and approaching a significant trendline. At that stage, I was neutral and called for patience and wait for the right signals, I believe we have enough signals now to go long. The share has broken out of a falling wedge pattern, there is strong price/MACD convergence and the MACD has broken above the zero-line and is looking bullish. buy: @ market stop-loss: aggressive @ 4555 zac conservative @ 4366 zac Take profit: use own discretion
JSE:AFTLong
by Loyiso_BlaqueSoros_Mpeta
$JSEAFT-Afrimat: Sloping Trendline To The Rescue?Afrimat had a strong run from March 2020 to peak at a new all time high at R76,47. Afrimat's share price trend is not easy to breakdown using Elliott Wave analysis but good old support, resistance and trendlines might just do. I am not a fan of sloping trendlines as support and resistance but seeing that this one has four touches makes it a good area of value to look for buying opportunities. It's all about patience and waiting for the right signals.
JSE:AFT
by Loyiso_BlaqueSoros_Mpeta
JSE:AFT Afrimat DistributionIt looks like Afrimat is being distributed. Following the Wyckoff logic, we have likely seen an upthrust of distribution (UTAD), a test to the UTAD and am now looking for the markdown in phase D. The distribution started after a throw over of the overbought line forming a buying climax (BC), automatic reaction (AR), secondary test (ST) in phase A. Some volume of the highs and divergence on the volume RSI gives some indication that this is distribution. Looking for a break of the upward stride to go short.
JSE:AFTShort
by SteynTrade