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IS THE CORRECTION COMPLETE OR WILL WAVE 5 COMPLETE FIRST?Growthpoint Properties is a diversified property investment holding company incorporated and registered as a public company on 12 October 1987. Growthpoint shares are listed for sale under the Financial Services Real Estate Investment Trust sector of the Johannesburg Stock Exchange (JSE), and the group is today one of the biggest players within the sector. The company boasts a portfolio of 525 properties which provide 6.7 million m² of retail, office and industrial space to leading businesses in South Africa and Australia. They also have a majority stake in 53 Properties which are valued at R22 billion. One of Growthpoint‘s biggest investments is a 50% stake in the properties at Cape Town’s V&A Waterfront, valued at R6.8 billion. Technicals As you can see on the chart above, there was a spike down to the 50% Fib retracement level as indicated with the red arrow. This is a strong level of support and the rally from there could continue on upwards if this is the formation. I would not be surprised to see wave 5 complete to the 61.8% Fib retracement level before we see the break to the upside but due to the break of the structure at the top of wave 4, it is also possible that the rally will occur soon.
JSE:GRT
by Linton_White
NEPI ROCKCASTLE TRADING SCANDAL HURT, WILL IT RECOVER?NEPI Rockcastle owns and manages a portfolio of dominant retail properties in the following high-growth CEE countries: Romania, Poland, Bulgaria, Slovakia, Hungary, Croatia, Czech Republic and Serbia. The Group benefits from a highly-skilled internal management team which combines asset management, development, investment, leasing and financial expertise. Geographically diverse management skills allow NEPI Rockcastle to pursue Central and Eastern European (CEE) property opportunities more efficiently, benefiting from a strategic advantage in the acquisition, development and management of properties. The Group is well positioned for growth, driven by its best-in-class operating platform, as well as its historically proven capacity to deploy existing capital resources into attractive direct property investments. NEPI Rockcastle continues the active investment policy that supported the growth of NEPI and Rockcastle respectively over recent periods, with a strong pipeline of acquisitions and developments currently being pursued in its targeted region. NRP is however part of a large trading scandal where they were accused of overstating profits and have taken big hits in terms of share price. Technicals There are two options here but both setups indicate that there should be further downside. Option 1 Here we can see the initial impulse move to the downside on the left and I expect the second impulse to complete to the downside at a target price of around 3000. The corrective structure completed 4 waves and broke to the downside and is now on the retest level which means that the second impulse could begin shortly. Option 2 The same initial impulse move applies but we could see the formation of a larger correction as indicated above. The break to the downside for impulse two will have the same target as option 1 and could occur on wave 4 or alternatively after the completion of wave 5 to the top first.
JSE:NRP
by Linton_White
Are ASPEN's Woes Nearly Over?Aspen is a global supplier and manufacturer of branded and generic pharmaceutical products as well as infant nutritionals and consumer healthcare products in selected territories. ASPEN has been under the microscope over the past few years with various negative rumors and investigations driving the share price lower and lower. I believe that we haven't quite seen the bottom yet but that there is a possibility of strength to come soon. Perhaps a take over is what they need? Technicals The corrective structure has seen a break of the 61.8% Fib retracement level and is currently trading below it. I am expecting to see wave 3 end at the 78.6% level. In my opinion, it is likely that there will be a rally from that point onwards and that the structure will break to the upside. A larger retracement than that would indicate serious repercussions for ASPEN and I am certain that they will do everything in their power to avert a further decline in share price.
JSE:APNLong
by Linton_White
Waiting For The Pull Back To Get LongKumba Iron Ore is a South African iron ore mining company and a subsidiary of Anglo American. The company is the largest iron ore producer in Africa and the fourth largest in the world. Kumba is a mining group of companies focusing on the exploration, extraction, beneficiation, marketing and sale and shipping of iron ore. Kumba produces iron ore in South Africa at Sishen and Kolomela mines in the Northern Cape province. Technicals I am expecting a pull back to form a larger corrective structure as indicated in blue. Once wave 3 breaks the low of wave 1, I will be looking for reversal signs in order to trade the long.
JSE:KIOLong
by Linton_White