Trade Harmony Gold with Unum Capital.
To get started, email lester@unum.co.za
What is the current overall trend?
The overall trend is bullish, as indicated by the long-term price action reading.
What is the short-term price action reading?
The short-term price action reading is overbought. This suggests that the market may be due for a consolidation or minor retracement.
What is the medium-term price action reading?
The medium-term price action reading is also bullish. However, it cautions against chasing the market and suggests looking for overshoots or failure to hold prior session range highs to short-sell back to the 8-EMA.
What is the 7-day trend?
The 7-day trend is overbought.
What is the 14-day trend?
The 14-day trend is very bullish.
In summary: The market is currently in a bullish trend, but short-term overbought conditions suggest potential for a consolidation or minor retracement. Traders are advised to exercise caution and look for opportunities to short-sell back to the 8-EMA if the market overshoots or fails to hold prior session range highs.
Previous Post: Trading Harmony Gold? Here's What You Need To Know (16 January)
Q: What is the overall trend for HARMONY GOLD? A: The overall trend is bullish.
Q: What is the current 7-day trend? A: Overbought.
Q: What is the current 14-day trend? A: Very bullish.
Q: Is there any opportunity for a short-term buy/long position? A: there is a very strong move with buyers in control. However, it is advised not to chase the price. If the highs fail to hold, then the 8-EMA may be a short-sell target.
Q: What is the outlook for the medium term (2 to 4 weeks)? A: There is aggressive buying, but it is advised not to chase the price. Look for an overshoot or failure to hold prior session range highs to short-sell back to the 8-EMA.
Q: What is the outlook for the long term (5 to 8 weeks)? A: Harmony Gold has resumed a bull move in a strong upward trend.
In summary: The price action model for HARMONY GOLD indicates a bullish trend across all timeframes. However, the short-term is overbought, so caution is advised. Traders are advised to look for opportunities to short-sell if the price fails to hold recent highs. The long-term outlook remains bullish.
Lester Davids
Analyst: Unum Capital
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