Gold Fields we made a BROAD analysis over the medium term.
As it is one of the smaller gold companies, I like to widen the stop loss and take profit accordingly.
So, it's not hit our stop loss yet at R173.80. But it has broken below the uptrend.
Best we can do is just wait, hold and hope.
But if it doesn't work out it's just another 1.5% loss on the portfolio,...
A bearish trend is applicable and negtate the bearish stance for a break above 21600.
The ideal short entry is around 20900 or as close to this level as possible.
Increase exposure for a break below 20200.
Target is set at 19600.
Stop-loss at 21600.
The MACD bearish crossover supports a change in trend direction.
I last covered Gold Fields on 09/11/2022 and the share price has unfolded in textbook fashion, as forecasted.
Seeing that the stock is currently in wave (v), it is not advisable to chase it.
Commodity stocks are notorious for strong pullbacks and after the completion of five waves up, we expect a retracement in three waves.
This is the time to sit on your hands...
This is a share worthy of an update.
We first looked at GFI on the 4th of September and our opinion was simple:
1) we anticipated one final push to the downside potentially to R118,00
2) we identified R162,23 as a key level the bulls need to break to give a strong signal that they are now in charge
Now that the Yamana Gold deal is off let's take a look at the...
Cup and Handle has formed on the daily and it follows with the upside in the gold price
We have the 7 > 21> 200 MA and Price> 200 which is bullish
Target R289.22.
We also have the Chinese New year with consumers buying gold as gifts, which can push up demand for the metal.
We've seen a bit of a weakness in the U.S. dollar, which you can see with the DIXIE, which...
I noted last year in August how Goldfields likes to make a fake break down before a leg up, just as in 2021.
The same script seems to have played out and price is now at a key zone where it could possibly retrace or breakout to complete the bull flag measured move .
Swing high becomes likely target if we do indeed break out here and gold bulls keep up the...
Nice bounce off the 200 weekly EMA for Goldfields (GFI:JSE) as gold price has seen a nice reversal midday. If the 200wema at R130 fails, we could be headed to R110-R115 which has some strong strong horizontal support. the anchored vwap from the sep18 lows also come in just under which should provide another level of support/
In previous trade idea, we looked at GFI forming an important breakout point. Area around R190 was strong resistance. Now price is consolidating in a symmetrical triangle. The expectation is for price to break to the upside taking out resistance. However beware of a fake move to the downside of the triangle before powering higher.
A price action above 18000 supports a bullish trend direction.
Crossing below this level will negate the bullish stance.
Further bullish trend confirmation above 18800.
Price consolidation between 18400 to 19300. Crossing above the 19300 resistance will support the price action to target 20600.
Crossing below 18400 will be the first sign of pending...
I have been in and out of this stock as i trade it intraday . The stops on the some of the swings were in hindsight a bit too tight.
Luckily my position trade paid off ... we approaching a key level of interest and zone where we were trading before the Yamana news.
Goldfields attempting to bottom here, looks like an Inverse H&S pattern developing.
160 need to give in first to expose 180 and 200 as next possible targets.
It seems like a M-tip pattern is busy unfolding.
A price action below 14300 supports a bearish trend direction.
Crossing below 13400 might supports reaching the target of 12800.
Remains a risky trade.
A price action above 14000 supports a bullish trend direction.
Additional trend support above 14600.
Crossing above 14900 might target 15700.
Crossing below 14300 might be the first sign of pending weakness.
Remains a risky trade.
Gold Fields has confirmed a weekly swing low, now needs to move above the green line to confirm trend change on a weekly time frame. R180-190 level will be strong resistance and a swing high on the daily time frame around this price is good for taking some profits.
Initiating another long in the stock to target the swing high
It will be wise to move stop loss to break even as soon as possible as these markets are very volatile
Take profit and Stop loss on the chart
Since reaching an all time high of R262.93 in March 2022, the share price of Gold Fields has retraced more than 40%.
The retracement appear to be unfolding in five waves with the sideways movement from June 2022 fitting the triangle pattern profile.
Triangles are found in wave 4 of impulses and this implies that GFI is in its final wave down to complete the five...
