AngloGold has been the strongest stock of the gold miners and the strength continues. There have been some reaccumulation ranges that have formed. The latest range has been an upsloping range with institutional buying on the way up seen by the increased volume on the increases. We have seen a spring and break of the recent TR with volume pushing it along. Negative...
JSE:ANG broke out of an ascending triangle pattern a few days ago and came down to test the top of the triangle as support. If it breaks the fractal of the 19th, it could make a nice move upwards.
We may derive the following from the Monthly ANG chart:
1. Price is at a monthly downtrend level.
2. A reversal may indicate long term bearishness.
3. I suggest watching this level closely.
4. NB: The trend is still up - so be cautious in selling.
5. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
JSE:ANG has formed an evening star pattern which is a top reversal signal. I will wait for it to break below the 18th of June's candle.
After a preceding up trend, 2nd real body must be above the 1st and 3rd candle bodies. The 3rd candle must close below 50% of the 1st real green body. Colour of the small 2nd real body doesnt matter.
JSE:ANG has broken through a descending resistance line and could continue upwards. I will wait a bit to see if the direction is confirmed before entering into a long position.
Using Elliot Wave and Fib my analysis indicates that we are nearing the end of a C wave within an ABC retrace off of the top of 20 feb 2019. I believe we are in wave v 0f C. It may also be that this vth wave is truncated and we have already reached the bottom but i suspect we will hit a lower low where wave v will extend to the 1.23 or 1.61 of A fib retracement...
ANG H4 (240 Minute) Timeframe
Reasons For Entry :
- Trendline Breakout
- Head And Shoulders
- Demand Zone
Everything Good Yearns Patience And Time
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AngloGold Ashanti Limited (AngloGold Ashanti) is a gold mining company. The Company's business activities span the spectrum of the mining value chain. Its main product is gold. Its portfolio includes over 17 mines in approximately nine countries. It also produces silver, uranium and sulfuric acid as by-products. The Company operates through four segments: South Africa, Continental Africa, Australasia and Americas. Its South African operations comprise of the West Wits operations, including Mponeng and TauTona, and surface operations. It has operations in Continental Africa in locations, including Democratic Republic of the Congo, Ghana, Guinea, Mali and Tanzania. The Australasia segment includes the operations in Australia. It consists of Sunrise Dam and Tropicana. The Americas segment includes the operations in Argentina, Brazil and the United States.
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ANG
