Watching for price to reach the blue line
Falling wedge, gold making a similar pattern and breaking out today. Any significant move in gold should inspire a simultaneous move in Fresnillo. Fib targets.
Fresnillo is still coiling on the weekly, likely to last into 2020 before any sign of a true breakout. Significant weakening of the USD - likely given their 'not-QE' $120B stimulus package - will lead to a rush to relatively cheap gold.
A different perspective to the post yesterday - shows some further downside is possible, with upside looking good for a medium to long term hold. Managing positions and sizing into the stock as it falls further seems the best bet.
Fresnillo resting at support. If support holds, this is a good buy zone in my opinion
The descending trend line has been breached today following the sideways action seen over the last two weeks. A daily close above 1600 would open up upside towards 1738 (which is a double top neckline seen in Aug 2016.
Fresnillo is down 3.61% today and is a top FTSE100 loser. The daily chart shows – • Double top breakdown • Money flow index approaching oversold region for the first time since November 2015 • RSI is approaching oversold region for the first time since July 2015 Overall, prices appear on track to test 1500 levels (100-DMA), although a minor pull back once...
Fresnillo, the precious metals miner, is the top loser in the FTSE100 index; down 5.42% at the time of writing. Pattern – Double top on daily with neckline at 1738 Sliding daily RSI and money flow index coupled with a sharp drop today suggests prices are likely to test the neckline support at 1738 levels. A day end close below neckline would signal trend...