JSE:ANG has formed a double top around the 52500 level. It has broken through the "dip" between the two highs, which usually is a trigger to enter a short.
We could see a move all the way down to the support zone at the 31000 level.
ORIGINALLY POSTED ON OUR CLIENT PLATFORM AT 12:19pm TODAY at 52151c.
"FED stimulus, the threat of negative rates and safe-haven status, so these names remain well bid...While it is CURRENTLY bullish, some of you may have however noticed ANG nearing the overhead trend line resistance zone stretching back to the Jan-2003 and Feb-2016 swing highs, as well as the...
There has been some volume buying into the close today. Price has reached the oversold line and was unable to break below the previous trading range. The volume could indicate the start of the next move.
The markup following the accumulation range is in the process of playing out (see posts below following the progress). We have had a week attempt at a pullback which is reaching the oversold line and the previous breakout level. Time to watch for the next step higher.
Gold stocks are looking to have a good markup and Anglogold seems to be one of the best in a strong sector. After a spring, last point of support (LPS) and backup to the trading range (BU) which all gave opportunities to enter (see posts below) we are now ready for the markup. The volume is low with ease of movement in the price. This indicates that the stock has...