$JSEGFI - Gold Fields: Surf The Waves, Fade The News
Ok, I will be the first to admit that i look at Gold Fields more than any other stock, but there are reasons for that.
I spent over a decade in the mining industry, two of which were at Gold Fields' South Deep operation.
Secondly, I love commodity stocks as they are more volatile and cyclical, providing good trading opportunities.
Gold Fields released FYE'22 results today and they were pretty flat.
The last time i covered GFI was on the 17th of January 2023 and i cautioned not to chase it.
The share price reversed almost immediately and has plunged 23% from the 21687 peak.
The rally from 12662 to 21687 is a clear five wave advance and i am tentatively labelling the whole advance as wave ((a)) of a minimum three wave move.
The current sell-off has been strong and there is no evidence of a turn around just yet so it's best to sit on your hands and watch price action.
For the bullish continuation outlook to remain valid, price must hold above 12662.
I spent over a decade in the mining industry, two of which were at Gold Fields' South Deep operation.
Secondly, I love commodity stocks as they are more volatile and cyclical, providing good trading opportunities.
Gold Fields released FYE'22 results today and they were pretty flat.
The last time i covered GFI was on the 17th of January 2023 and i cautioned not to chase it.
The share price reversed almost immediately and has plunged 23% from the 21687 peak.
The rally from 12662 to 21687 is a clear five wave advance and i am tentatively labelling the whole advance as wave ((a)) of a minimum three wave move.
The current sell-off has been strong and there is no evidence of a turn around just yet so it's best to sit on your hands and watch price action.
For the bullish continuation outlook to remain valid, price must hold above 12662.
