Sappi Looking to bounce
Sappi’s daily chart is looking very interesting now after testing a September 2017 support line. Indicated on the chart we see two consecutive trading days where the low has failed (been bought up), it does look like there is renewed short term buying interest in the stock.
It’s hard to believe that just in December, the stock was trading above R100.00.
I’m not looking to capture a move that size but rather just a re-test of the 50 day moving average. I will place my stop loss just below support while still giving it some “wiggle” room.
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Here’s to profitable trading,
Unum Capital (Pty) Ltd