GFI has had a good run, now is the time to be considering taking all or most profits off the table. The share price is within the vicinity of a trendline that has led to rejection of further upside. The path is a sketch of expected price trajectory, the end of path does not denote place of ending price. Of interest is the pink upward trendline closing the gap from 9 November 2022 in the process.
There is risk of a push higher after a brief pullback, one should be aware not to be shaken out. Alternatively one can keep long open but short an over-extended miner such as Anglogold or Harmony.
There is risk of a push higher after a brief pullback, one should be aware not to be shaken out. Alternatively one can keep long open but short an over-extended miner such as Anglogold or Harmony.
Comment:
GFI approaching price objective, if one wants to short it level to level then we are in a zone to take profit. Expect price to go higher than resistance it formed on way down, the next swing high on daily time frame will begin next leg down.
Comment:
GFI has technically failed, so from here onwards it will have lower highs & lower lows. First swing high out of rebound is a short opportunity. If one desires they can continue holding shorts as price will continue to dip.
Trade closed: target reached
