SGL broke support at R13.30 but still in Bullish band.
Next strong support at R12.00. May bounce back from R12.00 and stay in the bullish band or break through to the downside - true bearish indication.
R12.00 maybe a good entry point if support is tested. Will also then be in oversold territory.
All depends on gold price and USD/ZAR.
SGL H4 (240 Minute) Timeframe
Reasons For Entry :
- Trendline Breakout
- Ending Diagonal
Everything Good Yearns Patience And Time
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Looking at my previous support on Cup and Handle formation, this analysis may also support the suggestion.
The believe is that SGL reached it support line (R13.30 - R13.40) yesterday in its current bullish trend started Aug 2018 and also reach its downside of the handle formation (previous Cup and Handle analysis).
Hopefully is will not break through this support...
Nice Cup formation for SLG with a finish on the handle downside at R13.36.
Holding support at R13.36 may generate handle upside formation as indicated.
Gold price and USD/ZAR also a factor here.
Any other analysis and suggestions will be appreciated.
Here we had a bearish trending channel which just got broken out and re-tested, now the market is going bullish towards the 2715 zone and if it breaks above that key support level, it should be heading to 3820 where sellers will then flock in.
Sibanye had a terrific run. It broke out of an up channel, but seems to have lost some momentum. Will it break back into that channel or just test the upper channel band and continue to move higher. Only time will tell. Wait.
SGL has pushed right into the previous zone of support which was in place during the entire period of 2017. This could potentially be a scenario of a change in polarity where previous support now becomes resistance. We had a break below this level in January 2018 and the stock traded the entire year below this zone of 13.50 - 14.20. We have now run straight back...
I have been watching this trading range develop during September and it looks like Sibanye is ready to be marked up back to the redistribution trading range. The downward stride has been broken and a shorter term base formed. There has been low volume pullback to Last Points of Supply (LPSY) which coincides with the 50 Day SMA. The Volume RSI has indicated...