$JSESAP - SAPPI: Still Medium-Term Bullish, Short-Term Tentative
I last covered SAPPI in November 2022.
The bullish medium-term outlook is still intact as price is not threatening the 1720 zac level.
On the cautious side, the decline from 6348 to 3937 could be the first leg of a bigger three wave flat pattern.
The rally from 3937 to 5835 is either wave 1 of a new bullish impulse wave or wave (a) of wave ((b)) of a flat pattern that is part of the bigger correction.
I will use the bullish case as my preferred count until it is invalidated by a break below 3937.
Sappi released Q1 results for the period ended December 2022 yesterday.
As much as these results were the best ever first quarter results, the outlook has a lot for investors and traders to chew on.
With these results out the way and incorporated into the share price, I will monitor Elliott Wave patterns above the critical 3937 price level.
The bullish medium-term outlook is still intact as price is not threatening the 1720 zac level.
On the cautious side, the decline from 6348 to 3937 could be the first leg of a bigger three wave flat pattern.
The rally from 3937 to 5835 is either wave 1 of a new bullish impulse wave or wave (a) of wave ((b)) of a flat pattern that is part of the bigger correction.
I will use the bullish case as my preferred count until it is invalidated by a break below 3937.
Sappi released Q1 results for the period ended December 2022 yesterday.
As much as these results were the best ever first quarter results, the outlook has a lot for investors and traders to chew on.
With these results out the way and incorporated into the share price, I will monitor Elliott Wave patterns above the critical 3937 price level.
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