Inv Cup and Handle pattern has formed on the daily.
We've had the price break below the Brim level but only barely. As a conservative trader, we'll need a stronger break down before there are any fireworks. So I'll be watching this one carefully.
Other indicators show upside to come.
21>7 (Bearish)
Price >200 (Price heading towards it).
RSI<50 (Sell...
Gold Fields had a stellar run from September 2022 rallying from 12662 to a new all-time high of 32652 in May 2023.
This advance unfolded as a five wave impulse with wave ((v)) being extended which is common in commodities and commodity stocks.
As expected after a five wave rally, a correction has been price decline from 32652 to a recent low of 23746 for a 27%...
We saw the price make a new high before retracing back to the major resistance turned support level.
Entry idea: Long/Buy
Stop loss: R240.90
Target: R282.95
R/R: 1.5
- The stock is in the process of pulling back after a major rally which saw a high of R326
- Next major level is R247 where a "possible" relief bounce may occur. This is the previous break high and corresponds with the 20ema on the weekly.
- I still see the stock pulling back to R210 and possibly R170 over the longer term but as always, i will trade it level by level.
JSE:GFI has broken through the bottom of a sideways consolidation area and is looking good for a short position if it continues downwards and breaks through the 264 level.
W Formation formed on GFI a while ago.
The price broke up and since then it was moving up for the first few weeks.
Then when the gold price started its consolidation, so did the gold companies.
This has formed a falling wedge. Once the price breaks above the pattern, we will see it continue its upside.
RSI>50 - Bullish
7>21>200
Target R346.54
REALITY:...
GFI has had a good run, now is the time to be considering taking all or most profits off the table. The share price is within the vicinity of a trendline that has led to rejection of further upside. The path is a sketch of expected price trajectory, the end of path does not denote place of ending price. Of interest is the pink upward trendline closing the gap from...
Published to our client platform pre-market. For more research insights, including trade ideas, get in touch with me today.
Please Read The Full Note For Specific Detail: Speculative, high risk trading opportunity thus smaller positions may be applicable. Preferred Sell Above 24400c. Following it's strong, multi-week run, the price action and technical...
W Formation formed on GFI.
It looks like a CUp and Handle but the second rounding bottom is more than 50% of the cup, so we call this a Short Formed W Pattern.
In some cases, you can say it's even stronger than the basic as the price failed to make a new low - showing how strong the buying is.
RSI>80 - Bullish
7>21>200
Target R346.54
From a note that I wrote:
If you would like to read the full note, you are more than welcome to reach out to me.
At the top of this week I updated my short term view on GFI, highlighting the levels which I thought were important.
The structure I saw was a megaphone technical formation where the upper boundary is potentially an ultra short term selling...
Inv Rev Cup and Handle formed and the price broken below the Brim level.
There were mixed signals with the indicators and I warned you that we need the price to break and confirm below the 200MA.
Which obviously, it tested reversed, Smart Money jumped in swept liquidity and pushed the price up.
However, it's not just Smart Money to blame.
Gold had a bit of...
I have observed two entry points for Gold Fields, first one being the current trading price since its at a resistance level and closed the gap.
Second being at the major resistance which is likely to dip to that level if it breaks the current resistance line.
Inv Rev Cup and Handle has formed on Gold Fields.
The breakout is quite strong and looks like the price is ready to plummet.
The only obstacle in the way is the 200MA which investors might try to buy and hold the price up.
We are seeing mixed signals but the inclination is more SHORT.
21>7 0 bearish
Price> 200 mixed
Target R127.72
ABOUT
Gold Fields Limited...
Ok, I will be the first to admit that i look at Gold Fields more than any other stock, but there are reasons for that.
I spent over a decade in the mining industry, two of which were at Gold Fields' South Deep operation.
Secondly, I love commodity stocks as they are more volatile and cyclical, providing good trading opportunities.
Gold Fields released FYE'22...
Keep an eye on Gold Fields, after a roaring run from the lows seen in September last year and touching a high of R215 in January, the stock has corrected in February to an important level which could provide support. R175 is where we find both horizontal support and the anchored vwap from the Sep 22' lows.
If we do bounce we could run up to R198 - R199 where it...
