Kumba is back against a resistance that has rejected price now for the third time, we ended the week with an evening star candle formation. We can see the triple top that is likely forming. The 200 day moving average is just below but the overbought indicators warn us that we will not find strong enough support there. We have higher confidence in price reversing...
Aspen confirmed a weekly after finding support at the 200 week moving average, now price is seeking a half cycle high. On the RSI we can see it reaching an overbought level with TSI stretched to the upside, we can expect a pullback from here while price seeks to cool off the indicators before seeking to breakout from the purple Pitchfork resistance. It is also...
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...
ANH recent price action had price going below 12 June 2023 price, this represent a failed weekly cycle signalling that price is ready to decline into a yearly low price. We see price being rejected at the upper resistance. It is important to note that we have a pennant that is near resolution, it can break either way, if to the upside this can give short sellers a...
PRX has carved a nice broadening wedge that has forced price into lower highs and lower lows. Price is currently seeking a half cycle correction after which it must challenge resistance again. If there is a rejection on the resistance we can expect a sharp move down (can go straight down also), ideally that should have an objective of the lower support line,...
Kumba Iron Ore has managed to tick most conditions set in October 2022 (see linked idea). We are now approaching the green line while the $DXY is looking to put a reversal. We will be looking at price interaction with the green resistance line. We might see a pullback right below the line which can appear to be consolidation. However some profits can be harvested...
Bitcoin is in week 21 of a weekly cycle, this is a point where price usually finds a top. The indicators are stretched in an overbought territory, recent rallies higher have only built negative divergence on RSI and TSI, price is facing rejection at 0.618 fib level of the Pitchfork. Another interesting thing to note is that in bitcoin rally we need to see bitcoin...
Sibanye came in with not so good earnings causing price to capitulate, in that process it went lower than R28.60 (21 August price), this represents a cycle failure early into another daily cycle that must lead to a yearly low. We can get a rally from buyers perceiving R28 level as a good buy how since the cycle is failed we can expect price to eventually trend...
Sibanye-Stillwater price has been guided by the green resistance and support, now reaching a convergence of these lines, the support line intersects with pink upsloping support of broadening wedge. Previously this support has propelled price to upper resistance, this would mean Sibanye setting new highs. There is a risk of price falling out of the tight...
Aspen is now in week 24 of a weekly cycle, this is a favourite spot to reach a top, we ended the week with a swing high confirmation. The next task is moving down and closing below the upslopping trendline. The red arrow shows the likely path the share is going to follow on the way down. The 200 week moving average will be a good place to look for a weekly low and...
Looking at USD, that is positively correlated to British American Tobacco, there is scope for price to move towards the wedge resistance. Since price is within timing for a weekly low we can expect such a move to close above the resistance line on a weekly basis. This idea should be read in conjunction with the USD trade idea here linked.
The DXY is showing signs of a strong reversal, zooming in we can see why, price has struck an energy point, 2 lines intersect to form support, aided by a median line of the Pitchfork. Double support is usually strong, triple much stronger. I would expect that the DXY is seeking a daily cycle low with a flag. I place lower probability for 11 October being a cycle low.
Discovery has a bullish flag going into earnings, it has also confirmed 8 September as a cycle low. We can expect swift move upwards as price chases a weekly cycle high. The support of the 200 day moving average adds to the weight of evidence that price wants higher. Con: The horizontal pink line is the fail point which is now R141.90, anything below this signals...
The DXY has had a very short weekly cycle, on the daily timeframe price has carved a rising wedge which we expect to resolve to the downside. Not far down is the 200 day moving average that can provide good support for the uptrend. The 50 day moving average is also turning upwards with higher probability that we will see a golden cross. That would mean a lot of...
The US100 index has hit the median line of a Pitchfork & showing weakness, it has taken a long time to reach this peak, looking at history it is likely to drop for 2 months towards 13,650. It so stretched that past 4 weeks price has been above the Keltner channel.
In this week we saw gold put in a stellar performance however the gold miners have weakened which would be quite frustrating for the gold bugs, but looking at the chart we see why, gold is overbought on the daily timeframe and due for a half cycle high. We can expect it to pullback from here, key would be that price is able to be supported by the 200DMA then...
MNP is within timing for a weekly low, looking at the weekly chart, it does not present with ideal oversold conditions. Price going below 20 March low lets us know that the weekly low price is not yet in, next point is for price to go above the blue resistance & close above the 10 day moving average on daily basis to know we are beginning a new daily cycle. The...
Growthpoint is showing 2 opposing scenarios, a bullish downward slopping parallel channel depicted by the pink lines and a bearish rising parallel channel depicted by the black lines. Price fell out of the rising parallel channel and is now backtesting it from below where it meets the 30 week moving average, if we convert the chart to a daily timeframe we see that...