AngloAmerican is moving into a daily cycle low, however the share is walking a tight rope defined by 20 December 2022 low, if price goes lower than this price (R640.17) then major trend becomes lower as price seeks out a weekly cycle low. The trendline support is nearby and could provide a bounce into the next daily cycle albeit with a short uptrend before turning down. The broadening wedge price fell from can be backtested before resumption of down trend. Objective dates would be late April or early May for a cycle length of 30-32 weeks.
The share is a proxy for the JSE Top40, so if price goes below R640.17 then we can expect the Top 40 will follow.
The share is a proxy for the JSE Top40, so if price goes below R640.17 then we can expect the Top 40 will follow.
Comment:
AGL has retraced, now close to the 200DMA & 30DMA resistance, expecting price to turn downwards towards R505. Price has recently formed a rising wedge which I expect to break to the downside.