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...
AngloAmerican is at trendline (monthly) support as well as the 200 week moving average, it is in week 34 & can put in a weekly low, indicators (TSI/RSI) are showing positive divergence. We will look for price to move towards the resistance line (celeste colour), closing above that would mean we have a yearly low something of low probability given economic indicators.
An order to go short has been placed on $JSE:AGL. It has broken out of the bottom of a sideways consolidation zone and if it continues downwards it will trigger our order. Target is at 441.
Only valid investing opportunity I can see is marked out as the 'Original Bullish OB.'
However, this is a very high risk entry as the OB is not a significant OB but rather only caused a minor MSB.
AGL likely to outperform GLN?
A price action above 5.5275 supports a bullish trend direction.
Further confirmation for a break above 5.7075.
The target price is set at 5.8765.
The stop-loss price is set at 5.4390.
Walking the Bolliger bands might occur.
Walking the Bollinger bands refers to a trading strategy that involves closely monitoring the price movements...
JSE:AGL broke out of a long term descending triangle and has triggered our long position with today's price action so far. We are looking at a target around the 664 area with our stop loss just below the bottom of the triangle at around 538.
Share price found support on a longer term trendline and has reversed upwards. It has now closed the breakaway gap. Expectation is for price to move upwards taking out resistance at R605 level. Above the upper trendline is the first point to take profit then wait for a re-entry when price breaks below the trendline that will form on dates 28 September and 7...
Descending Triangle formed on Anglo American and the price seems to be breaking below.
If the ALSI continues down this will give a high probability short setup.
200>21>7 - Bearish
RSI<50 - Bearish
Target R405.50
The last analysis on AGL was on the 23rd of February 2023, link below.
The stock has traded lower since the last analysis and has prompted an update of the wave count.
The decline from 77318 has been strong with very shallow and brief pullbacks.
I am labelling the decline in a tentative manner to accommodate both the corrective ABC and an impulsive I-V...
AGL closed down sharply on Friday - very close to upward TL support (blue). 570 would be a good are to begin accumulating but stock could overshoot to the downside to around the 550 level in which case I would be buying more. Stop loss would be on a close below the blue dotted TL.
The stock has managed to hold its 20 day moving average for 2 days now after rallying off a up trending trendline.
- Pullbacks to R590-R608 will be an opportunity to enter long positions to target R650-675 initially.
- A daily close below R570 will negate the idea.
AngloAmerican is moving into a daily cycle low, however the share is walking a tight rope defined by 20 December 2022 low, if price goes lower than this price (R640.17) then major trend becomes lower as price seeks out a weekly cycle low. The trendline support is nearby and could provide a bounce into the next daily cycle albeit with a short uptrend before turning...
From a note, just published.
Signals In November 2022 Suggested A 'Relative Underweight' In The Sector
Back in November I presented my view on the JSE Resources sector relative to the JSE Top 40 Index, with the bottom line being that traders/investors might want to consider a potential “RELATIVE UNDERWEIGHT” position in the sector.
We saw a minor ‘pop’ one week...
