It was announced yesterday that government will be dropping import tariffs on poultry for a period of 12 months to help fight the rising cost of chicken. Let's not forget, that the tariffs were put in place to protect local producers against cheaper imports. The latest development leaves them with very little to no place to hide. I suspect our local producers like ARL are preparing for some price squeezes ahead.
Technically too, ARL chart shows a failed break-out and does look to have found overhead resistance. the stock has become rather over-bought and we should see selling momentum start to pick up. For the more patient trader, I think you could enter a short target of around R178.00
Technically too, ARL chart shows a failed break-out and does look to have found overhead resistance. the stock has become rather over-bought and we should see selling momentum start to pick up. For the more patient trader, I think you could enter a short target of around R178.00