Goldfields is in a time to have a daily high, we see here price being rejected at the 200 day moving average, we can expect a move downwards and lower than R213.76. Of interest is the area where 2 trendlines intersect, the retracement from there can be expected to be weaker with possibility of meeting 200 day moving average and horizontal blue resistance before continuation downwards.
Comment:
Goldfields looks it wants to confirm 17 August as a cycle, in that case we draw a line of resistance 17 August high through 1 September, a daily close above the line is a stop-loss.
Trade closed: stop reached