Since it's last Earning Report - Thungela has shown a remarkable recover of it's Share Price.
I've plotted the Fibonacci Levels to see where we could encounter possible Resistance.
As always, please get a few outside Expert's Advice before taking Trade or Investment Decisions.
Should you appreciate my Chart Studies, Smash That Rocket Boost Button. It's Just a...
TGA
The accompanying reading is from my research model which provides an automated comment on a share for 3x time frames (ST, MT and LT).
Today, the short term rating states the following: "strong upside move but momentum slowing with sellers becoming active".
A few days ago I also noted that 140-143 was a level to reduce, i.e. the 200-day and the previous...
Thungela (TGA) represents Anglo American's coal assets, which were unbundled into the hands of Anglo shareholders and separately listed on the JSE and the LSE due to Anglo's policy of transitioning away from carbon-based fossil fuels like coal. Anglo completed the sale of its final 8% stake in Thungela on 25th March 2022 for R1.67 billion. Thungela operates as a...
Thungela Resources Ltd. (TGA), a spin-off from Anglo American's coal division, has positioned itself as a significant player in the thermal coal export market, with a strong focus on the Asian, Indian, Southeast Asian, and East and North African markets. The unbundling of Thungela from Anglo American reflects the latter's strategic shift away from carbon-intensive...
See link below for previous analysis.
Wave (C) is proving to be more extended to the downside.
I have updated the wave count and moved wave 3 of (C) to the 12350 bottom followed by a flat pattern for wave 4.
Wave 5 is currently unfolding and looks impulsive so I am expecting further downside in the short-term.
Short the rallies is the strategy.
There is still a...
Unfortunately, the price did break below the H&S and Thungela showed a ton of supply and selling coming in.
This means, the target is still set to R91.93. The support at R121.50 was the last hope for the share to hold and bounce.
But now it's clear that this resource miner is in trouble.
Now let's cover the fundamentals.
Coal Prices Affecting Profit: ...
Large H&S formed since since May 2022. The price broke below the neckline and since then it's been on a one way trajectory.
That was until it reached R123.96 in May 2023... THe price since then has consolidated in a sideways manner and has formed yet another Head and Shoulders.
With the price breaking below its neckline, we are seeing further signs of downside...
Thungela seems to have printed an Inverse Head and Shoulder pattern, showing a potential +-20% upside if the Head formation plays out.
I trust this plays out for those Invested.
Use Stop Loss management with Alarm to your preferences.
Regards Graham.
The market seemingly factored in the Earnings data and with news of new business acquisitions and dividend declaration, price rallied to break resistance at R143.50, breaking also the descending triangle pattern's falling trendline and closing well above the 50 DAY EMA. Clearly the Bulls have decided to launch this rocket much earlier.
Considering the most recent...
JSETGA faced a beatdown since December 2022 after reaching the peak of its right shoulder to complete the Head & Shoulders price pattern. Considering the latest price action, we can see price hanging around bearishly around the support at R125.00
With Interim Earnings & Revenue data coming out on 21st August 2023, price is forecasted to break this support and...
TGA based out nicely off R126.00 over the last 2 months and is now trading well above its 50ema
and it previous resistance level of R136.00
pullbacks to the 134/136 zone provides good Reward to risk ratios on the long side
Large H&S since May 2022 formed with the coal mining company.
It broke down in January and since then has been sliding on a gradual downtrend.
Other indicators confirmed downside to come including:
200 >21> 7 - Bearish (Red)
RSI <50 Red
The target still remains to be R88.70 and it looks like coal is still in very murky water.
The share has reached more than 90% of the intended gain.
As always, traders could consider the following options:
(1) Raise their stop-loss to protect capital
(2) Scale out of the position as it approaches the target.
(3) Bank/Take Profit in full (and possibly get back in if it retraces).
For more research insights, including trade ideas, get in touch...
Thungela has broken out of a downward trendline which started forming in September 2022. Prior to breakout it has formed a solid basis which suggests the bottom to me. Stochastic has still some way to go to overbought levels, and momentum is in bullish territory. I Will put a tight stop on it, as it could go south quickly.
This is a short term swing idea. The share carries higher-than-average risk profile hence a smaller percentage of a trader's portfolio might be allocated to the idea. The share is attempting to clear the downward trend line extending back to the 15 June swing high while on Tuesday, above-average volume was noted around horizontal support, possibly suggesting fresh...
I put this chart to display all the ideas i have posted on this stock.
R118 - R150 is retrace zone of the larger pic ... if no support is found, a test of the initial break zone around R68 becomes a possibility #justsayin
JSE:TGA back at the recent low level, not the absolute low. A break below the absolute low will send the stock towards R120/share, with a possibility of reaching R100/share.
Time will tell.
JSE:TGA has been on a downtrend and breaking below potential support levels. The stock fell ex divi, and it's now hovering near an area of value. Without support at this level, the downward movement will continue. R120?
