Anglo Gold seems to be morphing in the form of a flat top triangle but it is obviously very early stages. We have a 3 bar hold off the bottom trendline, which have on both prior occasions resulted in a fierce rally in price. Should we start to see follow through on Monday with a push above the 3 day highs then we have a really good chance of going to test the top...
Inv C&H has formed on Anglo Gold.
21=7 And seems to be crossing down.
Price>200 - This is Bullish but with the price so far away from the MA means, there would be a sling reaction to take the price back down.
RSI<50 - Bearish biased.
Target is at R337.00 for shorters.
THOUGHTS:
This was completely unexpecting as the JSE ALSI seems to be heading up.
The...
Following a promising rally in TVC:GOLD futures, gold miners benefited from the rally. However, JSE:ANG has given back all the rally gains. JSE:ANG is now trading below what was a potential support level, and it's trading below the 200 dMA. From this view, the stock is bearish, but fakeouts do happen.
An evening star reversal pattern has formed on JSE:ANG which could be signaling a downward move. This signal is strengthened by the fact that it comes right after a doji which is a sign of uncertainty in the market.
Some big levels on monthly chart:
(1) consolidating above the 200 simple and exponential moving averages (green bands)
(2) S1 yearly pivot
(3) 23.6% fib channel using closing lows and highs from 2015 and 2020
(4) Holding 40 RSI level which has been critical support for ANG over the last 5 years
Let's see how we do in the next few months but my bet is we get a...
JSE:ANG made a string downward move early in August. Since then it has been consolidating in a slight upward direction. Although not confirmed yet, this might be the formation of a bearish flag pattern. If it breaks through the bottom of the consolidation area, we could possible see a downward move as far down as the length of the original flagpole. I will wait...
JSE:ANG has formed a double bottom chart pattern and is showing some upward momentum based on the upward turn on the stochastic at the end of March and, more recently, the crossing of the EMAs and the upward turn of the MACD. If it breaks through the highs formed in early March, it might give us a nice upward move.
All three of the "momentum indicators" have turned up with this morning's opening which could indicate an upward move on JSE:ANG . It has also bounced off of a significant support level which goes all the way back to August 2019. If it continues with the upward momentum, we could see an upward move all the way to the 40000 resistance level.
JSE:ANG has formed a double top around the 52500 level. It has broken through the "dip" between the two highs, which usually is a trigger to enter a short.
We could see a move all the way down to the support zone at the 31000 level.
