Trade Update - [JSE:ARI]
01/08/2017
Another target hits and AFRICAN RAINBOW MINERAL LIMITED (ARI) has been flying since the 25th of June with the first target price reached on Friday 28 June at 9225c. We saw the price moving even higher yesterday and well on its way to the second target price at 9681c.
I have moved my stop higher to lock in those profits at 9003c and will be looking at AFRICAN RAINBOW MINERAL LIMITED (ARI) closely over the coming days.
The TRADE:
Direction: Buy (long)
Entry: 8650c
New Stop: Loss: 9003c
Target Price 1: 9225c (Reached)
Target Price 2: 9681c
African Rainbow Minerals Ltd [JSE:ARI]
19/07/2017
Direction: Buy (long)
Entry: 8650c
Stop: Loss: 7801c
Target Price 1: 9225c
Target Price 2: 9681c
Indicators: 200 MA (purple) and 50 MA (blue)
Today I will be looking at buying African Rainbow Minerals Limited (ARI) at 8650c. An inverse head and shoulders has formed which gives me confirmation to buy this stock but the price must break the neckline which is crucial at this stage. The stop loss is placed below the right shoulder at 7801c make sure that this is within your risk management rules.
Also, the price has been bouncing off the 200-day moving average (purple line) as well as the 50-day moving average (blue line) and both lines are pointing up which is also giving a positive signal. The price action is also starting to make higher lows which is also good confirmation of the price moving higher. Target price 1 is around 9225c with target price 2 around 9681.
Chart Source - Bloomberg
