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On Thursday, AGL traded above R500, exceeding the R478 upside target.
At current levels, the share is in a high bullish momentum phase, while also approaching an overbought range.
Traders need to monitor for a deteriorating short term candle structure which could mean that the upside momentum is being lost. Failure to the previous...
AGL note from this morning (I have also discussed several other shares for active traders).
Wednesday 03 April 2024, 06h30 | AGL Anglo American Plc | Rating: High Bullish Momentum / Approaching Overbought. The share has traded into it’s declining 200-day SMA. Look for for the following: An overshoot and a failure to hold the prior session highs. This would signal...
Large and Liquid: Reading from my TTG
Trading Time Frames:
Short Term (1 to 10 days)
Medium Term ( 2 to 4 weeks)
Long Term (5 to 8 weeks)
Readings subject to change, based on the development of price action.
The readings assume no existing position held by the trader.
Anglo American, a globally diversified mining company, offers a unique position within the commodity market due to its broad portfolio of minerals and a robust balance sheet. This diversity acts as a hedge against the volatility often associated with single-mineral companies, reducing the impact of bear trends in any one mineral market. The company's strong...
With Anglo American (AGL), the risk normally associated with commodity stocks is mitigated in two ways. Firstly, the company has diversity of different minerals which reduces the impact of any one mineral entering a bear trend. Secondly, the traditional mechanism to avoid risk is to have a very strong balance sheet with plenty of headroom. That way, if things turn...
Anglo American has closed above the green line and the 10 week moving average, price is now seeking a cycle low defined by the blue upslopping line. Price going below this line signifies a daily cycle low. The challenge is that the line is rather flat so we must look out for price going lower than R471.64, this would reset the weekly low. A close above the pink...
The daily, weekly and monthly chart are all showing signs that this is on an uptrend!
Daily/Weekly: Broken above the resistance
Monthly: MACD is turning
P/S ratio showing this company is undervalued.
Economics: Higher Copper, Platinum, Diamond or China industrials will pump this stock further.
With Anglo American (AGL), the risk normally associated with commodity stocks is mitigated in two ways. Firstly, the company has diversity of different minerals which reduces the impact of any one mineral entering a bear trend. Secondly, the traditional mechanism to avoid risk is to have a very strong balance sheet with plenty of headroom. That way, if things turn...
A bearish Head & Shoulder pattern unfolding on Anglo's weekly chart, which may target 300 in the medium term albert with some support levels to be overcome along the way, with the 1st one being the 400-420 area, followed by the 330ish area.
Either way, I'm calling it 300!
*This is a medium-long term play.
Anglo American is in pursuit of a yearly low, first we look for a swing low, then a close above the 10 period moving average. At a minimum the yearly low will see price breach the upper resistance of the Pitchfork. In terms of time, we are within a time after a long cycle from the COVID lows.
Short Idea
Anglo American has rejected the R546,00 confluence resistance zone and is no looking to head lower and retest its yearly lows
entry : R517.00
stop : R545.00
target : R457.00
In the last couple of months we have seen the completion of a massive Head & Shoulders pattern on Anglo American PLC that has been in the making for almost three years. In my view the scariest thing of all is that this pattern sits on a Weekly chart! The price has clearly broken below the neckline and my view is that #Anglo will now really have to dig deep, if you...
The following comment was included as part of today's research. For more research insights, including trade ideas, get in touch today.
JSE Diversified Miners vs JSE Top 40 Index. The price action could improve before the news gets better. Last week we saw some resource shares stabilize (AGL and PGMs) which is in the midst of the ongoing Chinese economic...
AGL is seeking a weekly and yearly low, current cycle is failed with a possibility of 6 July being a low, however since we expect a bounce in the US dollar index, there is room for AGL to have a lower low. A yearly low is entails price going lower than the highest low of the previous weekly cycle, we have not yet satisfied that parameter with AngloAmerican, the...
Sometimes it helps to take a step back and look at a clean chart for classic chart patterns.
Looking at Anglo American, a Head & Shoulders pattern looks to be playing out and being confirmed by a break below the neckline.
Sometimes these patterns fail and we do not see the continued downside associated with these patterns.
If not already short, it's best to sit...
AGL is showing signs of bottoming out with positive divergence on its RSI while trading near the apex of a falling wedge pattern, Long risk entries on a close above 552.70 can see a push back to 580.00 level
AGL stock has had a strong sell-off from its 77318 peak in February.
The sell-off to 51800 looks to have unfolded as an extended five wave impulse that is terminating in an ending diagonal.
There is also MACD/price convergence between wave ((iii)) and ((v)) which tends to precede trend change.
As much as it is still early to say whether or not 51800 is the...
