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THUNGELA RESOURCES LTDTHUNGELA RESOURCES LTDTHUNGELA RESOURCES LTD

THUNGELA RESOURCES LTD

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TGA trade ideas

UPDATE Thungela still showing medium term downside but is slowLarge H&S since May 2022 formed which gave a Medium term trade. Since it broke down, I know it would take a longer period for the price to drop due to the size of the formation. Remember, companies will try everything in their power to keep the price up and without a strong negative catalyst, the formation will either play out or forma another pattern in the interim. The bias is negative until we see any upside potential. 200 >21> 7 - Bearish (Red) RSI <50 Red Target R88.70 ABOUT THE COMPANY Thungela Resources is a South African coal mining company that was spun off from Anglo American in June 2021. The name Thungela means "ignite" or "spark" in Zulu, which reflects the company's focus on providing energy to power the economy and society. Thungela Resources operates four open-pit coal mines in South Africa's Mpumalanga province, which produce thermal coal used in power generation. The company's mines have a combined production capacity of approximately 17 million tonnes of coal per year.
JSE:TGAShort
by Timonrosso
$JSETGA - Thungela Resources: At An Interesting JunctureThungela has been a darling since listing, driven by the energy crisis that saw a sharp increase in coal prices. I have overlayed the Newcastle coal futures to illustrate the relationship/correlation between Thungela and the futures coal prices. From a technical perspective, the Elliott Wave Principle provides us a road map of what we can anticipate. From the low of 2066 to the peak of 38249, the bull run unfolded in five waves for an impulse. The correction to 19812 has been in three waves for a zigzag and wave (C) has broken down in a more recognizable five wave sequence than wave (A). The 50% bear decline has bounced in the 50-61.8% Fibonacci retracement zone. It is premature to call a bottom is in at 18912 but the MACD (not shown) has started to make higher lows giving a bullish convergence setup. The coal futures are still pointing downwards making this a very interesting juncture.
JSE:TGA
by Loyiso_BlaqueSoros_Mpeta
Update on TGA long positionThe price of Thungela (JSE) has been in rejection of the 21528 price level. This level has demonstrated to be a support level as the price bounced off multiple times. The current price rejection is a pin bar candlestick on the support level. Price is currently in a descending channel which is a pattern for a reversal in a downtrend, upon the market making a higher low in the lower timeframes such as 4HR or 1HR, I will enter and go long. Alternatively, an entry on the daily timeframe using the pin bar is present, but a riskier entry. the stop loss is set below the lows of support and if the market breaks this level, we will know the bears are taking over.
JSE:TGALong
by Evedence
1
A potential long position for TGA stock for long termon Friday 14th september 2022, we see the stock reject from price 38249, which it then forms a falling wedge pattern. on Wednesday 23rd of novermber, the stock breaks the pattern to the upside and we get a demand zone which has been re-tested at a 50% level. the stock continues to go up. the stock is rejected at the 32555 resistance level in which it starts to form a retracement pattern which is a potential bull flag. On 14 November until the 1 December, Price made an impulse move to resistance 32568. I am waiting for price to reach my buy area for my move.
JSE:TGALong
by Evedence
1
TGA- I'm NOT saying it will happen but...If this Head and shoulders pattern plays out, the theory says it goes to R95.00. While it could happen, I don't see a drop of that magnitude. But let's be honest, this share got way too high, way too quickly. So now it's time for a little bit of pain. The scenario I predict is rather, TGA breaks the neckline of that H&S pattern but does not drop to the extent that the pattern suggests, but rather finds some support at the previous break-out level which occurred in March last year. So while I strongly feel that this stock should be down at R80.00 my short term target for this stock is closer to 175.00 for now. PLEASE NOBODY TELL ME THEY ARE SURPRISED BY THIS DROP.
JSE:TGAShort
by RobbyP
2
Thungela is running out of steam - Target R88.70 Thungela has formed a Large H&S cine May 2022 The price has broken below the neckline and seems to be dropping further. 200 >21> 7 - Bearish (Red) RSI <50 Red and has formed a Bearish divergence. However, the price is coming down with the RSI which confirms a bear market. Target R88.70 General info. Thungela Resources Ltd (formed in 2020 in JHB as a spin off from AGL (Anglo American)) is a South African mining company that is focused on the production of coal. The company's primary focus is the mining of high-quality metallurgical coal (Production of steel) and thermal coal (Generate electricity). You'll find their main operations are located in the Witbank coalfield, which is one of the largest coal-producing regions in South Africa. The mines include the Klipspruit, Mafube and New.
JSE:TGAShort
by Timonrosso
3
TGA: mean reversion tradeA price action above 27600 supports a bullish trend direction. Crossing below this level will negate the bullish stance. Further bullish trend confirmation above 28800. Consolidation price range from 28400 to 30100. Crossing above the 30100 resistance might support the price action to reach 32600. Crossing below the 28400 support might be the first sign of pending weakness. Linear regression channel pattern support a bullish trend direction. See the upward tilt.
JSE:TGALong
by Peet_Serfontein