AngloAmerican is at trendline (monthly) support as well as the 200 week moving average, it is in week 34 & can put in a weekly low, indicators (TSI/RSI) are showing positive divergence. We will look for price to move towards the resistance line (celeste colour), closing above that would mean we have a yearly low something of low probability given economic indicators.
Note
AGL has closed above the green resistance, this confirms 24 May as a weekly low, trend shifts to bullish, ideally it backtests the resistance now support & close gap before moving higher.Note
AGL is nearing the backtest we were expecting, however we remain vigilant as price is susceptible to failure, the price point that will prove failure has occurred is going below R538.89, that would mean price drop for longer.Note
AGL went below the point of failure, now price is in time for a bounce but that can be expected to be a weak bounce before going down again. We can be alert to the fact that price is sitting on 200 week moving average with a reasonable expectation for a short daily cycle before turning up into a bull phase.Trade closed manually
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.