The stock has formed a lovely bull flag and looks to be gearing up for a nice move towards target around R72
Ideally bulls don't want to see a daily close below R53 as it will negate the positive bias.
A bull flag is a bullish continuation pattern that occurs during an uptrend. It is formed by a sharp price increase (flagpole) followed by a consolidation period (flag) that is characterized by parallel support and resistance lines. The pattern is considered to be confirmed when the price breaks out of the flag in an upward direction
Ideally bulls don't want to see a daily close below R53 as it will negate the positive bias.
A bull flag is a bullish continuation pattern that occurs during an uptrend. It is formed by a sharp price increase (flagpole) followed by a consolidation period (flag) that is characterized by parallel support and resistance lines. The pattern is considered to be confirmed when the price breaks out of the flag in an upward direction