After a large amount of shares exchanged hands between Aug 2015 and May 2016 Anglo American has been in a strong uptrend. Volume has dried up indicating that shares are in strong hands. Currently AGL is in a pullback and will wait for a decisive break of the pullback trend line or the stock to reach the oversold line.
Note
AGL continues to pullback to the lower trend line.Note
Anglo American spiked above the pullback line. However, the price has reached the 330 level again where there is a historic strong volume cluster and started reacting off this at the end of the week with volume rising. The Volume RSI is showing divergence and downward volume pressure. My expectation is for a reaction of these levels. Note
AGL has formed a trading range that is currently in Phase B. We will have to watch how it develops to see if it is re-accumulation or distribution. The divergence with the Volume RSI continues indicating lots of supply but with out response. Note
After breaking higher AGL has now reached the overbought line. Note
Large move off the overbought line but on low volume.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.