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Technical Trade Setup: Aspen Pharmacare

Watch-list: Aspen Pharmacare is trading within an upward channel and has been in a 1-month consolidation near multi-month highs. Here, there are two key levels that I am focused on: (1) the overhead supply at 16715c, which could be seen as part of a rectangle (line 1_2) and (2) the ultra short term downward trend line that connects the most recent peak of 18-May (line A_B). Traders could prepare themselves for a potential break of line A_B, which would trigger a channel continuation. We will monitor this during next week.

We previous had the name as a long at R147 on 14 April (see attached) and discussed the weekly/monthly charts our client research report.