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 price where that will be is R493.68.
However should price close above the green declining trendline on a weekly basis, we know we have left behind a weekly low with yearly low a confirmed close above the final resistance near R700.We open long positions on close above the green line, there will be sufficient lift to take profit & if the yearly cycle is not confirmed & yearly low is ahead, there will be another great entry opportunity.
It is also worthy of note that price as recovered the 200 week moving average as well as the bullish wedge.
However should price close above the green declining trendline on a weekly basis, we know we have left behind a weekly low with yearly low a confirmed close above the final resistance near R700.We open long positions on close above the green line, there will be sufficient lift to take profit & if the yearly cycle is not confirmed & yearly low is ahead, there will be another great entry opportunity.
It is also worthy of note that price as recovered the 200 week moving average as well as the bullish wedge.
Trade closed manually