#ANG close to it's last line of defense JPow didn't do Gold any favours last night, and a strengthening ZAR/$ isn't helping. ANG is close to it's last line of defense @R290 ... below R290 there's nothing but air holding ANG up above R267, and in the distance beyond that R230. Could go any way from here - next R30 seems 50/50 either up to R320 or down to R260, but it's looking weak hiding under all JSE:ANG its averages. Which way are you positioned from here? JSE:ANG
ANG
ANG struggling to make higher highsJSE:ANG has been struggling to make higher highs for a while and is currently at a reasonable support level. If it breaks through the level downwards, I will consider a short position. The target could be all the way down to the support level around the 28500 price range.
JSE:ANG Anlogold Watch for the next push higherThe markup following the accumulation range is in the process of playing out (see posts below following the progress). We have had a week attempt at a pullback which is reaching the oversold line and the previous breakout level. Time to watch for the next step higher.
JSE:ANG Anglogold Next Step UpGold stocks are looking to have a good markup and Anglogold seems to be one of the best in a strong sector. After a spring, last point of support (LPS) and backup to the trading range (BU) which all gave opportunities to enter (see posts below) we are now ready for the markup. The volume is low with ease of movement in the price. This indicates that the stock has been scooped up by the large players and they are holding on to it so there is little stock available so there is little supply.
JSE:ANG Anglogold SpringAfter dropping below the trading range, the yearly pivot point and 200 Day SMA, today it has rallied and is showing a reversal bar. This looks like a spring and what is expected now is for the markup in Phase D. Due to the high volume we may have a test of the spring again to use up the last bit of supply but in the weeks to come we are looking for a markup to the top of the trading range and then a breakout and markup to higher prices.
JSE:ANG Anglogold Re-accumulation CompleteAnglogold has undergone a re-accumulation trading range. After a buying climax (BC) at the end of August 2019 accumulation has taken place at the lower half of the trading range. A spring with test has taken place in November / December 2019 with minor signs of strength towards the end of 2019. Volume has declined on the pullback and today we have seen some ease of movement to the upside on a small volume increase. The markup in phase D is set to continue.
Gap to close on ANGJSE:ANG has formed a bearish harami which is a strong reversal signal. This could signify a change of direction to a downward move. There is also a gap to close that formed on the 20th of Feb.
Gaps tend to act as magnets for the price and like to be closed. I have entered a short position and will look to close either once the gap has been closed or further down at 18000. The 18000 level is quite a significant support level, so I wouldn't be surprised if it went down to that level.