On 2023.05.11 Sappi released second quarter & interim results for the period ended March 2023.
The results were bad and the outlook was gloomy.
Salient results half-year:
Sales (13%)
EBITDA excluding special items (21%)
Profit for the period (17%)
The share rallied from 3968 to 4595, up almost 16% over the next three trading days.
The share has pulled back providing buying opportunities for those bullish on the stock.
Looking at the bigger structure from an Elliott Wave perspective:
*from 3937 to 5835, the view that the rally is wave 1 is still valid.
*from 5835 to 3968, this three wave move is a zigzag pattern with wave ((c)) unfolding as an ending diagonal.
If this is the complete correction, 3968 must hold and should be used as a stop-loss level.
Sappi is a volatile stock and the fundamentals do not look too good in the short-medium-term but the technicals are still valid for a bullish outlook.
The results were bad and the outlook was gloomy.
Salient results half-year:
Sales (13%)
EBITDA excluding special items (21%)
Profit for the period (17%)
The share rallied from 3968 to 4595, up almost 16% over the next three trading days.
The share has pulled back providing buying opportunities for those bullish on the stock.
Looking at the bigger structure from an Elliott Wave perspective:
*from 3937 to 5835, the view that the rally is wave 1 is still valid.
*from 5835 to 3968, this three wave move is a zigzag pattern with wave ((c)) unfolding as an ending diagonal.
If this is the complete correction, 3968 must hold and should be used as a stop-loss level.
Sappi is a volatile stock and the fundamentals do not look too good in the short-medium-term but the technicals are still valid for a bullish outlook.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.