AU trade ideas
AngloGold Ashanti (AU) Rocketship is boardingAU is in a falling wedge pattern and has bullish divergence forming. It seems to have found a local bottom with a clear W pattern. Measured move would bring us up to around $32.32 near the .5 fib. The .618 fib is coming in around $35.93. This could take some time to play out but things are looking up for this mining stock. My best guess is that the stimulus will be the power it needs to run.
AU to double within next 3-5 months?Looks like a nice channel here.
Especially when this one seems really underestimated among others in the industry.
But mind fundamentals, news and gold price.
AU LongTouch bottom of downtrend wedge
Down trendline break today
Entry 21.5
Stop 18
Target 37
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ANG Weekly - Long develpingANG starting to look attractive here, Think this move is overdone, weekly chart sitting at 68% Fib level.
Stochastic very oversold, RSI leaving some space...
*Might be Wave 4 Low around 37000... Hope so
*Wave 5 target is around 58000
Need a Bullish candle on weekly close
Anglogold- DEATH CROSSThe daily chart shows the 50 day moving average has breached the 200 day moving average. This is known as a "death cross". Next support R300.00 (use it, don't use it)
ANG: Long and strong GoldANG approaching a strong horizontal support level, from which it broke out earlier this year as the gold rush and tanking ZAR sent it soaring.
Back at this resistance turned support zone and ascending trendline, looks like the long term uptrend is intact and these levels could be a good accumulation/buying zone for the gold fans.
#JSEANG - Area of Interest- Anglogold has pulled back to an area of interest, resistance turned support.
- Looking for a retrace towards R400-R410 and possibly test of the 200 day moving average
- Below R362 will be considered bearish
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Massive H&S Pattern on ANGJSE:ANG has formed a massive Head and Shoulders chart pattern starting all the way back in April 2020. The right shoulder is not very big in relation to the left shoulder, and the uptrend leading up to the formation wasn't extremely significant, so I wouldn't be surprised if it doesn't make it all the way to it's target but I think we could definitely see a downward move to the previous significant support level at around 30000 if it breaks through the neckline and confirms the pattern.
If it breaks through the support level at 30000, we could possibly see a move down to the target, but I feel that is quite unlikely.
Most undervalued GOLD miner right now?Do you really think AngloGold Ashanti, one of the world's TOP10 gold producer is nearly worth just as much (22$) as back in 2016 when the oil price was much higher and the spot gold price was much lower?
We are talking about insane margin growth here which is still not priced in.
ANG Trend is down. RSI: Weak. Share is losing the 200-DAY SMA support. Possible move to swing low which is in line with the 0.61% Fib.
This chart forms part of a broader trading plan and should not be considered financial advice.
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.
ANG long opportunityJSE:ANG is looking good for a long position as the stochastic, MACD and the EMA's are all triggering upward movement.
Weekly game plan 23 Aug 2020 - ANGANG long stopped us out. Perhaps a short from here?
Our thinking here is that any Gold short needs to be hedged at this stage... so not sure that we will get involved here.
