On 2023.05.11 Sappi released second quarter & interim results for the period ended March 2023.
The results were bad and the outlook was gloomy.
Salient results half-year:
Sales (13%)
EBITDA excluding special items (21%)
Profit for the period (17%)
The share rallied from 3968 to 4595, up almost 16% over the next three trading days.
The share has pulled back providing buying opportunities for those bullish on the stock.
Looking at the bigger structure from an Elliott Wave perspective:
*from 3937 to 5835, the view that the rally is wave 1 is still valid.
*from 5835 to 3968, this three wave move is a zigzag pattern with wave ((c)) unfolding as an ending diagonal.
If this is the complete correction, 3968 must hold and should be used as a stop-loss level.
Sappi is a volatile stock and the fundamentals do not look too good in the short-medium-term but the technicals are still valid for a bullish outlook.
The results were bad and the outlook was gloomy.
Salient results half-year:
Sales (13%)
EBITDA excluding special items (21%)
Profit for the period (17%)
The share rallied from 3968 to 4595, up almost 16% over the next three trading days.
The share has pulled back providing buying opportunities for those bullish on the stock.
Looking at the bigger structure from an Elliott Wave perspective:
*from 3937 to 5835, the view that the rally is wave 1 is still valid.
*from 5835 to 3968, this three wave move is a zigzag pattern with wave ((c)) unfolding as an ending diagonal.
If this is the complete correction, 3968 must hold and should be used as a stop-loss level.
Sappi is a volatile stock and the fundamentals do not look too good in the short-medium-term but the technicals are still valid for a bullish outlook.
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