Afrimat showing strong upside after C&H break up to R65.43

16 thg 6, 2023

Afrimat after a volatile period of ups and downs, seems to have chosen a direction.
It's been making higher lows, which has solidified the Cup and Handle formation.
We see indicators pointing up including:
7>21>200
RSI>50
My first target is to R65.43. This will give it enough room for upside and will give room in case the market jumps back down.

SMART MONEY CONCEPTS

Below the Handle and the Cup is clearly a Sell Side Liquidity Order Block.
With the wicks coming down and for the bodies closing near the highs, states that buying is stronger.
And so with SSL Smart Money buys into positions (and sweeps liquidity) from traders who are long (get stopped) and for short traders who enter into their trades.

ABOUT THE COMPANY

Afrimat Limited is a leading black empowered open pit mining company providing industrial minerals and construction materials in South Africa.

Founding: Afrimat was founded in 1965 as Prima Klipbrekers, primarily a mobile crushing company.

Name Origin: The name Afrimat is a combination of "Africa" and "Materials," indicating the company's African identity and its focus on materials.

Public Listing: Afrimat was listed on the Johannesburg Stock Exchange (JSE) in 2006.

Diversified Portfolio: Afrimat's portfolio of products includes crushed aggregates, limestone, silica, and other industrial minerals.

Geographic Reach: The company has operations across South Africa, has expanded into other African countries.

Acquisitions: Afrimat has grown through a series of strategic acquisitions, including Lancaster Quarries and the Glen Douglas dolomite mine.

Construction Materials: The company supplies construction materials, primarily concrete-based products, to the construction industry.

Industrial Minerals: Afrimat also has a strong presence in the industrial minerals sector, supplying materials for various industrial applications.