Commodity stocks, like the underlying commodity they generate revenues from are well known to be cycle.
Looking at Wesizwe, it is no different. Since listing in 2006, the share has declined from an all time high of R16,50 to an all time low of 31 zac over twelve years.
The EWP puts this bear market into perspective. The entire bear is a zig zag pattern labelled (A) to (C). (A) is an impulse and (C) alternated into an ending diagonal.
The share did catch a bid during the post-covid commodity boom to peak at R2,90 and the share is currently in a pullback. Support is found around the 60 zac zone but reversals can happen above that zone.
This is a long-term cyclical play so as long as price remains above 31 zac, i will look for buying opportunities.
Looking at Wesizwe, it is no different. Since listing in 2006, the share has declined from an all time high of R16,50 to an all time low of 31 zac over twelve years.
The EWP puts this bear market into perspective. The entire bear is a zig zag pattern labelled (A) to (C). (A) is an impulse and (C) alternated into an ending diagonal.
The share did catch a bid during the post-covid commodity boom to peak at R2,90 and the share is currently in a pullback. Support is found around the 60 zac zone but reversals can happen above that zone.
This is a long-term cyclical play so as long as price remains above 31 zac, i will look for buying opportunities.
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