$JSEARL - Astral Foods: More Pain In Store
On 21 November 2022, with the release and publishing of Astral’s year end results for the year ended 30 September 2022, the Group strongly cautioned the market that Astral was expecting market conditions to deteriorate, with record high feed input costs, devastating levels of load shedding and the general decay of municipal infrastructure continuing to impact operational efficiencies and costs negatively.
This is still pretty much the fundamental theme for Astral and the chart captures it well.
From the 2018 peak at 33519, the selloff to 11079 unfolded in fives waves for wave (A).
As a bare minimum, in this case bear, the bear market should unfold in three waves.
The choppy move to 22166 looks corrective in nature but it is hard to conclude that it is all of wave (B).
Regardless, the main forecast is for further downside to complete wave (C) of the zigzag correction.
In the short-term, I will monitor how price reacts at the support trendline.
This is still pretty much the fundamental theme for Astral and the chart captures it well.
From the 2018 peak at 33519, the selloff to 11079 unfolded in fives waves for wave (A).
As a bare minimum, in this case bear, the bear market should unfold in three waves.
The choppy move to 22166 looks corrective in nature but it is hard to conclude that it is all of wave (B).
Regardless, the main forecast is for further downside to complete wave (C) of the zigzag correction.
In the short-term, I will monitor how price reacts at the support trendline.
