TARGET REACHED: Sappi struck through the first price of R40.60

Symmetrical Triangle formed on Sappi, the price broke below the apex and the price chose the bias of down.
We had other indicators showing bearishness such us.
200>21>7 - Bearish
RSI<50- Bearish
Target reached at R40.60

The trend is still down and we will need the next formation to form before we decide what to do next.
I'll keep you updated.

ABOUT

Sappi Limited was founded in 1936 and is headquartered in Johannesburg, South Africa.

Sappi's name is derived from its original name, South African Pulp and Paper Industries Limited. (Also think of SAP from a tree I guess).

The company was founded in South Africa in 1936 as a state-owned enterprise and was later privatized in the 1990s. The name Sappi was adopted in 1997 when the company underwent a rebranding exercise as part of its global expansion strategy.

The company is listed on the Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE) under the ticker symbol "SPP".

Sappi is a leading global producer of dissolving wood pulp, paper pulp, and paper-based solutions.

The company has operations in North America, Europe, and Southern Africa, with customers in over 150 countries.

Sappi produces a range of products, including graphic papers, packaging and speciality papers, and pulp.

In 2020, Sappi launched a new product range called Sappi Verve, which is a compostable barrier paper designed for use in food packaging.