A head and shoulder pattern has formed on the weekly chart for TGA.
Unlikely that the company will allow such a fall. But, it does support a down trend and the bearish C&H pattern on the 1D seen in my previous Post.
Just a few thoughts/levels. One of the charts I'm looking at for this week.
Nice pullback from the 32500c bearish 50-61.8% Fibonacci retracement zone (discussed in a client note).
Interested in more research/trade ideas? Get in touch today.
Thungela Resources TGA | The (bearish) 61.8% Fibonacci retracement zone at 32300c held as a resistance zone on Thursday, offering an opportunity to sell into an overbought range. On Friday we saw a pullback to 29200c. I discussed this sell setup on Wednesday morning.
A price action above 27600 supports a bullish trend direction.
Crossing below this level will negate the bullish stance.
Further bullish trend confirmation above 28800.
Consolidation price range from 28400 to 30100.
Crossing above the 30100 resistance might support the price action to reach 32600.
Crossing below the 28400 support might be the first sign of pending...
TGA Resources
W trade pattern has confirmed the breakout on the daily charts
global energy shortages and the war in Ukraine has escalated inflation
to levels not seen in 40 Years the unprecedented stimulus injection by the US
has yet to reach the economy the first African nation to abolish using USD to pay for oil
adopting the CEDI currency to be backed by Gold...
JSE:TGA is back at the recent dividend announcement level. The stock is still trading above the 200MA & it's at an area of value. Will there be buyers at this level, and the impact of NYMEX:MFF1! prices?
TGA is the strongest stock on the JSE by far for 2022, right now its trading around the R270 support which was resistance that became support during august 2022.
If R270,00 does not hold, next level of major support comes in at R215.00
It seems like a complex correction is busy unfolding.
However, this might give an opportunity for a good entry into the share.
Targets 34200 and 38200.
Stop-loss at 23800.
A price entry close to 25800 seems ideal.
Bullish divergence notable.
TGA Long Trade
possible double bottom signaled and change to uptrend
confirming with the W trade pattern forming
with have confirmation of Trend when the neck line resistance is bridged
Thungela Resources ( $TGA )
This stock has been flying, so I think a cool down period can be expected.
It's fighting to stay above support (R250-R280) - really needs to hold here, because if not, there is some downside pain to be expected.
Those that missed the bus the first time, will most likely get another opportunity to buy again at lower levels....
Thungela Resources: Volatility Equals Opportunity. As mentioned on Thursday evening: "Tomorrow we may see a slight overshoot on the upside before the share retraces (short term view)." Further Update. On Friday, we saw the share trading higher (intraday high of 31604c) before retracing to close the week at 29844c (a -1760c or -5.5% intraday reversal from high to...
Horizontal and incline/trendline at risk of being breached on the daily chart. Should we lose that, next support comes in the form of the 200dma, followed by the 180-185 level.
