$JSEHAR Harmony gold back into buying territory?
Updated
I'm starting to keep a close eye on Harmony Gold. It has retreated almost 30% from the highs printed on the 6th of January this year @ R58.64.
The current area at R42 has been a major support level for harmony over the last 6 months with multiple reversals off this zone. What adds some further strength to this level is that we also see the 200 day moving average intersecting in the same area (200 day ma R41.44). The last time Harmony touched its 200 day moving average was back in June last year when the price was at R26!
Watch for the stock to consolidate and form a reversal candle off the current support area for a possible opportunity to accumulate the stock for a move higher. Should a reversal take place, shorter term targets are R47, R50 and R53. I would keep a stop loss under R40.00 to protect your capital.
The current area at R42 has been a major support level for harmony over the last 6 months with multiple reversals off this zone. What adds some further strength to this level is that we also see the 200 day moving average intersecting in the same area (200 day ma R41.44). The last time Harmony touched its 200 day moving average was back in June last year when the price was at R26!
Watch for the stock to consolidate and form a reversal candle off the current support area for a possible opportunity to accumulate the stock for a move higher. Should a reversal take place, shorter term targets are R47, R50 and R53. I would keep a stop loss under R40.00 to protect your capital.
Note
All targets reached
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