Harmony Gold has come down 27% since last week's price of R72.
Case for short term upside in Harmony Gold:
Harmony closely correlates to the Rand Gold price.
1. DXY Dollar Index is extremely oversold on the RSI, way off its 50-day moving average together with a big perfected TD 8 0f 9 candle which indicates a potential turnaround candle tomorrow. This...
The dollar index has broken medium term trend lines to the downside.
Case for short term upside:
1. It is current EXTREMELY oversold on the RSI.
2. It has fallen far below its 50 day moving average.
3. TD Indicator is on a perfected 8 of 9 with the 8 daily candle being a big one. Potential capitulation here for a turnaround tomorrow on the TD 9.
Oil has had a pretty good run the last month however it seems like a head & shoulders - right shoulder is in the making.
If the pattern breaks down, we might see a move down to a pattern projected and horisontal price support around $29.
This correction will be healthy and support another buy-in into SBAOIL.
The Rand had a good run the last 2 weeks but the following reasons may hint to a price support at current levels:
1. Price currently at 50% Fib Retracement level.
2. Horisontal price support from 2 months ago.
3. TD indicator on a perfected daily 9.
4. RSI at extreme low levels.
5. Triangular pattern plays out at current levels.
Can the Rand strengthen...
So we have an inverse head and shoulders ons gold (GC1!) 15min chart - positive
We have a descending triangle on the same chart, negative.
We have a semetric triangle on the same chart.
If inverse head & shoulders plays out, its real bullish for price of gold to continue to $1600.
Play-out of the other two formations might only be a short term correction.
If Gold breaks to the upside above the blue line, $1570 is on the cards for gold, which in itself is VERY bullish for gold testing $1600 again.
Take on gold mining positions if you want a geared position.
USDZAR currently in an ascending triangle.
A lot of bad news is alredy in the rand price. Local fundimentals is unlikely to initiate a breakout above the ascending triangle.
The other side of the equation is the Dollar strenghtening which can drive the rand price breakout above the ascending triangle. The dollar index DXY has broken medium term support and if...
Shoprite has hit a TD 9 on the 15minute candles with stochastic in oversold territory.
We might see a retracement to yesterday's highs in early trade, though another consolidation day just above R130 would be good so the TD on a day interval can reset.