Bearish engulfing candle formed yesterday Mar 11th
Reversal sign and short term retracement is eminent.
Early signs of "shooting star" candle forming on Weekly timeframe dependent on today's close.
Retracement down to 180000 level as Target 1.
If 180000 level does not hold it opens Target 2 in 160000 range.
It seems that a Cup & Handle pattern is forming on the Daily chart(marked in YELLOW)
For some technical details of the pattern you can visit the link below:
TRADE IDEA (longer term swing trade)
1) Wait for confirmation break above 7100 to validate the pattern
2) ENTRY break of 7100
3) STOP < 6500
4) TARGET 8700 -...
Harmony price has been moving in a descending channel and is currently at the bottom end of it.
Technically a bounce in price is possible if the pattern persists.
The Gold price has been trading sideways for the last week or so and price should remain > 1845 to support a potential bounce for gold producers,
Monday's price for Harmony will determine if a trade is...
On Daily chart a Hammer formed on Friday Nov 20th.
TRADE OBSERVATION (Short term - warning it is countertrend)
Firstly - Monday (Nov 23rd) price must trade below Friday's close < 1664
Secondly - After trading below 1664, price must trade through/above 1664 before long entry is initiated.
Entry only valid once 1 & 2 materialized.
Entry > 1665
Stop < 1611 i.e...
When reviewing the Weekly chart there is a possible Demand/Support zone at 3000-2900.
RSI on Weekly & Daily charts in oversold territory with a reversal likely from this zone.
Aggressive entry < 3100
Ideal entry < 3000 if it gets there
Target 1 @ 4500 - 4600 (Profit around 50%)
Target 2 @ 5000 - 5200 (Profit around 65%)
Risk around 16%