Merafe reached the first target at 113c now down to 73c?First, Merafe hit our target at R1.00.
This was due to a Box Formation which the price broke below. Also above the Box Range was Buy Side LIquidity, where Smart Monet came up and swept and sold into the levels.
This brought the price down and then some.
Inv Cup and Handle formed on Merafe. And the price has broken below the brim level.
Also the price is testing a crucial support around 100.
Below that and it'll come down further.
200>21>7
RSI<50
Mt next target for the ferrochrome giant is to 73c.
ABOUT THE COMPANY
Merafe Resources Limited, commonly known as Merafe, is a South African mining company primarily focused on the production of ferrochrome.
The company was established in 2001 and is headquartered in Johannesburg, South Africa.
Merafe operates in partnership with Glencore in a joint venture known as the Glencore-Merafe Chrome Venture. The partnership holds interests in various ferrochrome assets in South Africa.
Ferrochrome is a key ingredient in the production of stainless steel and other alloy steels, providing them with corrosion resistance and other desirable properties.
Merafe's primary asset is the Glencore-Merafe Chrome Venture, which includes the Wonderkop, Rustenburg, and Lydenburg smelters in South Africa.
The Wonderkop smelter, located in the North West province of South Africa, is one of the largest ferrochrome smelters in the world.
Merafe's operations involve the mining of chrome ore, which is then processed into ferrochrome through a smelting process. The company also has an interest in chrome ore reserves and resources.
The Glencore-Merafe Chrome Venture has a significant market presence and is one of the world's largest ferrochrome producers.
