Trade Harmony Gold with Unum Capital.
To get started, email lester@unum.co.za
In general JSE Gold Miners have come a long way since November, with the price action model looking for a rebound on the long term time frame. I previously updated my view here: https://www.unum.capital/post/jse-gold-tuesday-04-feb
Building on our previous view, the share ended Thursday's session very strong but OVERBOUGHT and into the previously discussed resistance range. As at the time of typing (Friday 21 March, 18h36), Gold is lower by 1%.
Previous Post: Harmony Gold: Potential For Failure To Hold Swing Highs
The long-term outlook suggests a bullish trend with buyers in control, though weakness is noted on lower timeframes, indicating a potential pullback to the 8 or 21-EMA for a buying opportunity. The medium-term also points towards an upward trend, but warns of a possible failure to hold prior session range highs, which could trigger a tactical short-sell. In the short term, the market is either in or commencing an upward trend, but similarly advises caution about potential failures to maintain prior session range highs, suggesting a possible short-sell opportunity.
Should the share reach the provisional sell ranges, this could place the share in an extended position versus it's 75-day EMA!
Lester Davids
Analyst: Unum Capital
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