Trade Thungela Resources with Unum Capital.
To get started, email lester@unum.co.za
Until We See Change, This Is A Negative Development.
Zooming out, clients will notice the share price testing the R100 level for the 3rd time in 13 months.
With poor candle structure as per the weekly chart, this structure remains negative until we see a strong bullish reversal that negates the bearish candle structure.
Long-time clients of Unum Capital will recall the chart below which highlights TGA relative to the broader market. Here the view was that the momentum was being lost and that a bearish reversal was underway. At the time, the share traded at R289. Now R100.
Previous Post: Thungela Resources: Zooming Out - Wednesday, 04 September 2024
The share is breaching multi-month incline support.
Downside risk targets 9100c, then 8300c.
The price remains below all major medium term moving average, including below the 200-day SMA.
For short term traders, the swing lows at 10000c is a key range to monitor, however, this is also a psychological level (round number theory) which traders/investors will be monitoring for any further weakness.
On a long term basis, the share is lower by 60% vs October 2022 where I published a relative chart highlighted the breakdown vs the Top 40 index. At the time, the print was R289 vs R110 today.
My then, as published, is shown below:
Lester Davids
Analyst: Unum Capital
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