$JSEMRF - Merafe Resources: Is The Bear Correction Done & Dusted
Merafe stock had a strong from March 2020 to April 2022 rallying from 24 zac to 196 zac in a clear five wave pattern.
From 196 to 104, the stock has seen its price drop 47% in what looks like a three wave bear market correction.
The current bear structure is of a truncated zigzag were wave C does not make a new low relative to wave A.
If this structure is complete, the outlook is then bullish as this can also be interpreted as a Double-Bottom.
Merafe released a pleasing set of interim results today for the six months ended 30 June 2023 with the following salient features:
11% increase in revenue to R4 764 million
13% increase in EBITDA(2) to R1 548 million
22% increase in net asset value to R5 054 million
6% increase in net cash flows from operating activities to R795 million
26% increase in net cash to R1 604 million
A break above 146 will add to the bullish sentiment as that is the Double-Bottom neckline but long positions should use 104 as a stop-loss level as the outlook will be invalidated should price break below that level.
From 196 to 104, the stock has seen its price drop 47% in what looks like a three wave bear market correction.
The current bear structure is of a truncated zigzag were wave C does not make a new low relative to wave A.
If this structure is complete, the outlook is then bullish as this can also be interpreted as a Double-Bottom.
Merafe released a pleasing set of interim results today for the six months ended 30 June 2023 with the following salient features:
11% increase in revenue to R4 764 million
13% increase in EBITDA(2) to R1 548 million
22% increase in net asset value to R5 054 million
6% increase in net cash flows from operating activities to R795 million
26% increase in net cash to R1 604 million
A break above 146 will add to the bullish sentiment as that is the Double-Bottom neckline but long positions should use 104 as a stop-loss level as the outlook will be invalidated should price break below that level.
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