munyaelliott

SIBANYE GOLD LIMITED (SGL) BUY

Long
JSE:SGL   None
The weekly timeframe shows a clear bullish market, signified by higher highs and higher lows. Though currently the market has blown a little steam, possibly through some investors who are currently taking profit on their long positions, this stock has the potential to put on more gains.
The price is currently above the 10 and 50 exponential moving averages on the weekly chart (see my Instagram for the full analysis @heisenberg_trader). Both averages are pointing steeply up, showing the parabolic nature of this market.
Buy: When the market finds support on the inner ascending trendline, or when the market finds support on the 3338 price level, which is a previous resistance turned support level .
This trade will be nullified if the price breaks below the other previous lower low at the 2971 price level, which is close to the 3000 psychological level. Also, this stock is close to the historical highs of 4000 which might spark the interest of sellers.

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