Technical Flash Note: Astral Foods – UnumCapital
post-template-default,single,single-post,postid-13567,single-format-standard,eltd-core-1.2.1,tribe-no-js,flow-ver-1.6.3,,eltd-smooth-page-transitions,ajax,eltd-blog-installed,page-template-blog-standard,eltd-header-standard,eltd-fixed-on-scroll,eltd-default-mobile-header,eltd-sticky-up-mobile-header,eltd-dropdown-default,wpb-js-composer js-comp-ver-6.0.5,vc_responsive,elementor-default

Technical Flash Note: Astral Foods

Technical Flash Note: Astral Foods

Today my review focuses on the long short, medium and long term charts of Astral Foods, with various perspectives and identification of chart structures:

Daily Chart

The short term momentum is down with the price losing the 8/21/50 exponential moving averages (EMA) as well as the 18500c level being threatened. It should also be noted that the RSI is trading in a bearish regime with the current reading at 44 with a downward bias.

Weekly Chart #1

We identify a ‘bull flag’ technical formation within a medium term upward trend. The current sideways consolidation has been in place for just over 5 months of which a break of the downward trend line would trigger the bull flag setup. Currently the 40-week MA is trending higher however traders should monitor the price starting to break below this level.

Weekly Chart #2

Traders should remain cognizant of the consolidation which may also trigger a bear flag should the incline support going back to September 2019 be breached. Which level should be monitored? A break below 16900c, which opens up 14400c as a target.

Monthly Chart

Expanding our view, we note the ARL threatening a breach of the incline, and a second attempt to breach the upward trend which extends back to the lows of May 2001, February 2016 and May 2019. It should also be noted that the R206 level remains key for the stock to maintain it’s long term bull trend.

Lester Davids

Trading Desk Analyst

Unum Capital (Pty) Ltd
An Authorised Financial Services Provider (FSP 564)

T: +27 (0)21 201 7270             W:             E:

Lester Davids

Lester joined Unum Capital in July 2016 and is a Trading Desk Analyst focusing on local (JSE) and global multi-asset class technical strategy and research which includes idea generation.

No Comments

Post a Comment