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Purple Group

April 16, 2024
4
70
0

Update Three downside targets hit

Crucial Levels

This is an update to the attached video and article posted two months ago https://finmeup.app/post/43207870-399d-4b57-b77b-d767a64330a5

 

The stock has finally completed its first parabolic movement of at-least 50% drawdown from All time high  of R3.50/share. This presents us with new opportunities to accumulate on weakness. The stock tested a yearly low of R1.54/share and quickly rejected, showing the sensitivity of the level and volatility on the stock. This makes the level, a crucial level and a good support/buy zone. Due to the sensitivity of the R1.54 level, the stock may not test new yearly lows in the year 2022. This implies upside potential on the stock.

The share price closed just inside the accumulation zone (marked in grey) and this is a strong bullish sign which can potentially take price to R2.68/share in the next few months. The stock can however go back to retest R1.54 and this will give opportunity to those that missed the first test on the zone.

 

 


Disclaimer: None of the information shared above constitute financial advise. The information shared is just a true reflection of the author's opinion and experience. Seek financial advice from a registered financial advisor.

 

 

 

 

 


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