AFRIMAT LIMITEDLong
$JSEAFT - Afrimat Ltd: Stock Fades Weak Trading Update
Afrimat has held steadily above the critical level of 4366 as per my previous analysis, link below.
On Tuesday 18 April, Afrimat released a voluntary trading update for the FYE'2023 and cautioned that:
EPS is expected to be between 448.6 cents and 476.6 cents, representing a decrease of between 15% and 20% and
HEPS is expected to be between 445.2 cents and 472.3 cents, representing a decrease of between 13% and 18%.
The stock closed the day 3% down but yesterday was up 4.12% and looks to be building upside momentum.
The near-term critical level to watch is 4650 and can be used as a stop-loss level for aggressive traders but 4366 remains the invalidation level for the bullish continuation outlook.
On Tuesday 18 April, Afrimat released a voluntary trading update for the FYE'2023 and cautioned that:
EPS is expected to be between 448.6 cents and 476.6 cents, representing a decrease of between 15% and 20% and
HEPS is expected to be between 445.2 cents and 472.3 cents, representing a decrease of between 13% and 18%.
The stock closed the day 3% down but yesterday was up 4.12% and looks to be building upside momentum.
The near-term critical level to watch is 4650 and can be used as a stop-loss level for aggressive traders but 4366 remains the invalidation level for the bullish continuation outlook.
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