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GOLD FIELDS LTDGOLD FIELDS LTDGOLD FIELDS LTD

GOLD FIELDS LTD

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GFI trade ideas

Top5 oversold/overbought according to RSI & Gold FieldsOversold: Delta Property 24 Pan African Resources 27 Gold Fields 30 PSG Konsult 32 Telkom SA 32 Overbought: Trencor 84 Wilson Bayly Holmes-Ovcon - WBHO 83 Pioneer Food 82 Capitec Bank 78 Investec PLC 78 Spending some time on Goldfields. How quickly a share can go from hero to zero. A month ago, GFI was still trading at the top of the “OVERBOUGHT” list, just to now find itself in the top5 most “oversold” according to its 14-day RSI. It does seem like the “fear” aspect in the markets has died down somewhat. I would therefore personally be sitting on the side-line with this one. Although it does seem oversold over the short term, that horizontal support line, which corresponds quite nicely with the 200-day Moving Average (at R61.84) worries me a bit. I would personally first like to see if it’s going to try a test these levels, with a break and close below these levels, most probably looking to test the R51.50 levels next. The share price might also be oversold according to RSI, but not yet on a price relative basis against the FTSE/JSE All Share. Should we, however, see a “dead-cat-bounce” from current levels, could see the share price find resistance at the 50-day Moving Average at R81.
JSE:GFI
by SchalkLouw