Top5 oversold/overbought according to RSI & Harmony Gold

End of week 3 May 2019. Tough week for #Gold & some #Property stocks. FTSE/JSE All Share Top5 oversold/overbought according to 14day RSI indicator as follow:


Rebosis Property 28
Hammerson PLC 29
Harmony Gold 33
Brimstone Inv Corp 34
AngloGold Ashanti 34


Foschini Group 76
Transaction Capital 76
Reunert 74
Blue Lable Telecoms 74
EOH 74

Spending some time on Harmony Gold. $JSEHAR trading in a channel for the past 2 years, bouncing/find support around the R20.40 levels and never breaching the R32 levels (resistance).

“To date, 78% of the companies in the S&P 500 have reported actual results for Q1 2019. In terms of earnings , the percentage of companies reporting actual EPS above estimates (76%) is above the five-year average. In aggregate, companies are reporting earnings that are 5.6% above the estimates, which is also above the five-year average”. ~ FactSet.

While the fear is low and the outperformances high, we can expect Gold to remain under pressure. Although the share price is nearly oversold levels according to its 14-day RSI , I would therefore not be in a rush to buy HAR yet. I would re-evaluate at R22, but would most probably wat for R20.40 before I would consider an long position and even then, I would rather look at JSE:ARI as my preferred entry into Harmony. Reason – higher diversification.

Thomson Reuters consensus currently got a target price of R31 on Harmony.
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