We sent out this update in July 2023, where a Vuvuzela (Broadening Formation) formed.
INstead of waiting for a breakout, we were playing with the pattern's range instead.
Since it bounced off the Support level it's been on the way to R4.75.
And you can see the price almost touched it, before retracing back to the uptrend line.
So have we been getting it right? SO far yes. Have we been coining it? HARD NO.
Sometimes it doesn't pay to hold because of the daily interest charges that lovely CFDs bestow upon us. And this is a clear example on why it's tough to invest in the CFD market.
The target remains to R4.75. And we'll take our pennies and run when it hits.
Also, in the interim it seems to be forming a Diamond Formation similar to Gold stocks.
So maybe a bigger breakout is imminent. I explained why we can expect gold to rally due to what's happening in the US.