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AGL

ANGLO IS TRADING AT A KEY LEVEL - EXPECTING UPSIDEAngloGold Ashanti is an internationaly acclaimed gold mining company with a geographically diverse and world-class portfolio of operations and projects. Headquartered in Johannesburg, South Africa, AngloGold Ashanti is the third largest gold mining company in the world, measured by production. The company was established in 1998 when the gold and uranium interests of Anglo American Corporation of South Africa were consolidated. The group has 17 gold mines in 9 countries, has several exploration programs in established and new gold producing regions and is listed on 5 stock exchanges, including its primary listing on the Johannesburg Stock Exchange (JSE). Operating regions include South Africa, Guinea, Mali, Ghana, the DRC and Tanzania, as well as South America and Australasia. Weekly: We can see an impulse on the left of the chart and then a 3 wave corrective structure which broke to the upside. While there may be an interim pull back in price, I have a final target of 45000 - 47000 on the second impulse on the weekly time frame. Daily: Price is trading very close to the bottom of the daily structure. This is an important level as price could go either way from here. Should the structure break to the downside, a smaller confirmation structure will confirm the downside. Should there be a reversal, I am confident that wave 5 to the upside will complete at the weekly impulse target.
JSE:AGL
by Linton_White
AGL to Form Double Bottom Before 19.5% Run To 24.15 By Year EndBullish divergence between A/D and price trend and some massive buy orders a week ago hints that we are nearly done retracing. It looks like we definitely found a bottom on 20th of April, though I think we will retest it and form a double bottom reversal before our next bull run. Some additional points - We have already tested the 23.6% Fib multiple times and failed to break through. This combined with the fact that we are currently trading within a symmetrical triangle (which 75% of the time act as a continuation pattern) further strengthens my view that we will break out to the down side of the symmetrical triangle and form the double bottom. From here we will bounce back up and briefly retrace slightly close to the apex of the triangle, before moving further up to test the 23.6% fib one last time and then finally break through. The drive from the small retrace from the apex of the symmetrical triangle to the test of the 23.6% Fib will come from the September year end results (it is noticeable that we have had a bull run from around September to Mid-late December in previous years and as we know history often repeats). Fundamentals look positive in terms of likely record year on year profit. Lower spot prices and lower volatility have assisted in the wholesale side of the business. Retail markets may however see increased pressure due to recent price decreases for NSW, QLD, SA; however continued investment in lower cost digital channels for both CX and Sales etc should help reduce OPEX. AGL did not lower their price as much as Origin either so provided AGL can manage churn then they should be in a relatively stronger position. I think it is definitely possible to see $24 by year end. I will be waiting to see if we form the double bottom first and then buy at around $20.20 with a view to go long to around $24.15 and then re-assess. This would represent a 19.55% profit.
ASX:AGLLong
by Corrupt_Economy