Technical Flash Note: Aspen Pharmacare APN

Technical Flash Note: Aspen Pharmacare APN

For those waiting on the Aspen Pharmacare to make a meaningful move, the wait has been frustrating to say the least. After spending 3 months between mid-November 2019 and mid-February 2020 trading in a tight range between 10800c and 12500c, we saw the share price roll over to take a hit along with the rest of the market as fears of the Coronavirus gripped global markets. From a low of exactly 8000c, we have seen the share price make a recovery to regain the 10800c level - one that has acted as both support and resistance over the medium term.

Adopting a longer term horizon, the price looks poised to break out of a sideways to downward trending base and above the downward trend line which has capped upside over the last 18 months. For bulls to remain active, we would like to see 11000c remain support. On a higher time interval, a break and close above 12563c opens the road to 14178c and 15343c. As per the weekly chart, the RSI trading with a bullish bias at a 54 print, which is also pointing higher. A review of the monthly chart also sees a positive development with the RSI breaking the downward trend line resistance going back to January 2015.

Attached: APN Weekly