GFI is find it hard to maintain momentum and R230 has found some heavy resistance. The other golds have dropped but GFI has held strong. Should we see a drop of R220 we could see a nice move down R200 and maybe even further.
JSE:GFI has been in an upward trend since mid-March and seems to have bounced off the bottom of the upward channel. We could possibly see an upward move towards the top of the channel.
JSE:GFI is bouncing off of a trend line that it has tested a couple of times in the past. The stochastic is confirming the turn around, and if the price action confirms with today's close, I will enter a long position.
JSE:GFI has reached a previous resistance level and we could possibly see a reversal at this point if it doesnt b reak through and form a higher high. As always, I will wait for confirmation before jumping in.
JSE:GFI seems to be struggling at a support and it could make a turn around for a long position. If it cnfirms above Tuesday's candle, I will consider a long position.
Think the chart says it all - a very important level of support here on the jse gold miners index. Also a 61.8 retracement of Nov/Dec low & Feb High. Perhaps a very decent area to accumulate gold miners once more. Ties in nicely with gold spot price breaking out its wedge #Bullish - #anglogold #sibanyegold #harmonygold #goldfields
Price action idea for long term. Levels speak for themselves. Not financial advice. Manage risk & take care.
A Morning Star pattern has formed on JSE:GFI which is a bottom reversal signal. This coupled with a bounce of the bottom support strengthens the signal. A Morning Star is found after a preceding down trend where the 2nd candles body must be below the 1st and 3rd candles body. The 3rd candle must close above 50% of the 1st red body. I will enter this trade long...