The 200 day moving average may be used as a dynamic support/resistance level which the price has bounced of the moving average.
There is a MACD bullish divergence unfolding.
Idea : Long/Buy
Stop loss: R69.90
Target: R86.50
Risk/Reward: 1:2
The chart of Harmony shows down slopping resistance with support of the broadening wedge & 200DMA aligned. Bulls will buy the support while bears wait to sell the resistance. One of the groups will be right & spur a rush of profit for the other. Since we expect price to be at a half cycle correction, we look for whether price will go lower than 10 July 2023 price,...
Harmony Gold (HAR): A massive run for gold shares over the 5 months however the long side reward-to-risk at current levels is not appealing. On Friday we saw the first real sign of selling. The bullish regime is in tact with the price still extended well above the 8-21 EMA. At first glance, the ‘next best’ demand range is at the rising 21-EMA (7611c). This level...
Golds have reached interesting levels and it looks like we could get a rally from here, especially if the dollar comes under pressure.
SL and TP1 on the chart
Harmony Gold has followed my envision price path highlighted on 5 December 2022. The key level being the bearish 61.8% Fibonacci retracement. The arrow/annotation is unchanged from the original post, which has also been attached.
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Harmony released a SENS update this morning.
Salient notes:
Total gold production for the six-month period ended 31 December 2022 (“H1FY23”) was between 720 000 oz (22 394kg) and 745 000 oz (23 171kg).
In line with guidance, all-in-sustaining costs (“AISC”) for H1FY23 was below R900 000/kg.
Despite the ongoing electricity shortages and supply chain disruptions,...
Head and Shoulders has formed on this instrument. Harmony is overbought on the stochastics, however MACD has crossed to the upside as well ass the short-term EMA'S. Waiting for a break to the upside with first target R79 and second target R96 if the pattern plays out to the full.
Harmony Gold HAR | For medium term traders, the share is in a bullish regime however, is approaching the 61.8% Fibonacci retracement zone, which is also in line with the prior swing highs and prior breakdown level as well as the prior swing highs. This range is 6720c to 6900c, which could be used to potentially start a sell position.
Harmony is looking bullish for upside. There are a few hurdles. 1. Needs to break above the medium term downtrend. 2. Needs to break above the 200MA...
3. There is a gap which needs to close.
However, momentum according to price action does look up so the chances are quite positive for upside..
Confluence of Bullish Factors
-Gold is due for a weekly cycle low (See Bob Loukas on Twitter for info)
-Key support
Weekly cycle lows typically occur every 22-26 weeks. Currently at Week 23. Weekly cycle lows typically start off with powerful positive price action. Where it ends up is anyone's guess. The key support level should also provide some positive...
Time Frame: Actually, quite short term - looking for a quick reversion to the mean and narrowing of the performance gap.
- Trading at lower boundary of 40-day 2 standard deviation Bollinger Band (BB)
- 5-day performance gap is wide as it sees GFI lower by 4.23% while HAR is lower by a larger 12.61%
- 250-day correlation above 80%
Suggested Trading Levels:
-...
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
Pricing slicing through incline, and then horizontal resistance in 2 sessions.
Next challenge for bulls is the horizontal resistance around 80.
*RSI getting overbought, pullback possible.
Real nice bullish divergence here on the MACD, at the PCZ of a Bullish Gartley. We could see a confirmation low, but with the new CPI reports, it may not give us a chance. Position trade here, dollar cost averaging if need be.
For the gold bulls, i really like the look of this setup.. We have finally seen harmony bottom out and break out the falling wedge with divergence ever present as it bottomed. I think we can see this rally up to previous resistance and 200 day moving average at $4.20
