Harmony price has been moving in a descending channel and is currently at the bottom end of it. Technically a bounce in price is possible if the pattern persists. The Gold price has been trading sideways for the last week or so and price should remain > 1845 to support a potential bounce for gold producers,
Monday's price for Harmony will determine if a trade is lucrative and should be managed according to individual risk appetite. If the technical pattern materializes, a 10% bounce in price or more could be in the offing - all dependent on what happens in the Gold price.
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Price still drifting lower and I'll rather keep an eye on this week's price action. Patience and if price reaches the 6100 - 5800 level I'll reconsider my options
Gold price seems weak at the moment .Wait for 20 December for seasonal strenght .
sanambip
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hi, do you think harmony will reach R105 again because I bought at that price...
Lifesong
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sanambip, It all depends on what happens to the Gold price, because a move back above $2000 could help the HAR share price. Whether it will get back to R100 or higher is to be seen and could be a tall order. Íf the HAR price is going to regain upside momentum the first price hurdle is to get over is probably around R90 to R95.
I don't know when you bought @ R105, but the "shooting star" (on the Daily chart) that formed on 15 Sep was a warning sign that prices are heading down and ideally you should have exited the position. It is crucial to always set a stop loss for any trade to minimize losses and to preserve your trading capital.
sanambip
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@Lifesong, hi, thanks for the advise hopefully Gold goes up..will surely put a stop loss next time.