Anglo American Plc relative to the JSE Top 40 Index is back below the 200-week since early February (lower panel).
Note the ratio having been rejected at the prior demand supply zone and breaching incline support.
Anglo has had two attempts at getting back above the 200 day moving average. Both of which, have failed. This is very bearish indeed. I think you can short this stock even ahead of the dividend. Support is a long way down and just eyeballing the level from where we are, I think there's at least R80.00 to be made on the short side, if you include having to pay in...
Anglo American released FY'22 results today and all key performance measures were down.
The share price has remained resilient though.
From the 49368 low, price has traded up in an impulsive manner.
The move from 64017 looks to be in three waves and could be a b-wave of a triangle for wave ((iv)).
A break below this level will prompt an update of the wave...
The full note was published this morning on our client platform.
On 19 January I shared (with our clients) my technical perspective on the share, highlighting what I assessed to be an overbought rating with the potential for the share to retrace it’s recent strong upward move. The subsequent price action saw the share trending toward the highlighted trend line...
A short position has triggered on JSE:AGL based off of the signals from the stochastic, MACD and EMA cross.
We are looking at a target at around the 619 level.
Anglo American Plc: Here's How I’m Seeing It
Extract from today's pre-market note: "....represents my perspective on the daily time frame while the chart that follows highlights the 3, 7 and 14-day RSI’s for the daily and weekly time frames....."
For more research insights, including trading ideas, get in touch today.
A comment from this morning's note:
JSE:AGL | Potential resistance at upper boundary of medium term channel. Note the recent candle wicks which is reflective of intraday selling.
For more research insights, including trade ideas, get in touch today.
The daily chart of AGL has formed a bullish flag pennant, solid close above 745.00 confirms the breakout with a target to around the 810.00 mark which is its upper channel resistance zone
AngloAmerican is hitting a resistance trendline that has halted uptrend before, the expectation is for price to trend down with an objective target of the upward slopping trendline below. Savvy traders can switch from long to short & add to the profit on price trending down then switch back to long when price breaks the trendline.
Uptrend
I suppose, this is a good breakout on daily time and by setting SL at about 3030, targets around 4030 and 4230 will be available. Whole market is not in a good mood , so try to enter with a small amount of your portfolio.
Diversified Miners Relative To JSE Top 40 Index
I published this view on 22 November 2022 where I anticipated a move higher, followed by a 'roll-over' out of the bear flag structure.
This setup is currently underway. Original view attached.
For more research insights, including trade ideas, get in touch today.
based off of the turning downwards of the stochastic and MACD as well as the downward crossing of the EMA's, it looks like we could see a downward move for JSE:AGL
There is one tool with trading, which you can accelerate your portfolio, compared to with investing.
I’m talking about Gearing (or leverage).
To wrap our head around this concept, here’s a more relatable life example.
When you buy a house for R1,000,000, it is very similar to trading derivatives. Initially, the homeowner most probably won’t have the full...
Anglo American Plc AGL | The structure I discussed in August is playing out, with the initial pullback slightly deeper than expected followed by a consolidation and strong buying activity which is seeing the share trade at 5 month highs. Note the gap close at 70700c. The 14-Day RSI approached overbought and failing to print a lower high while the price is printing...
The attached chart is relative ratio of equally weighted diversified miners vs the JSE Top 40 Index. When trending higher, it means that miners are outperforming the broader market while a downward trend represents underperformance vs the broader market, particularly large caps (JSE Top 40 Index).
On a medium term basis, a large megaphone pattern has developed...
Currently facing some resistance at around its 50DMA (R560.70)
Has found a nice little range however, a channel between TL1 and TL2 that could offer a great swing trading opportunity.
Yesterday pre-market, the data pointed to 'relative' outperformance of financials (banks/insurers). To see the full note, get in touch today.
Apologies if the text on the chart is not clear enough (unfortunately, might be distorted after publishing).
The stock is in what seems to be a Head and Shoulders pattern with the right shoulder still in formation. The break below R500 will confirm the pattern and the next key support area is around R200. The JSE Top 40 index has already confirmed a Head and Shoulders pattern. Yesterday's post of this setup wasn't clear.
