#JSEANG AngloGold. Bull flag in progress.Looks like a bulls flag is building on this one. A break could open 55 as a target. One to watch.
Anglogoldashanti
#AU AngloGold Ashanti bouncing off bottom of flat top triangle?Anglo Gold seems to be morphing in the form of a flat top triangle but it is obviously very early stages. We have a 3 bar hold off the bottom trendline, which have on both prior occasions resulted in a fierce rally in price. Should we start to see follow through on Monday with a push above the 3 day highs then we have a really good chance of going to test the top of the range at R375.00. A break of R375.00 would then confirm the flat top triangle breakout with much higher targets in place.
Anglo making an unexpected short and downside to come to R337.00Inv C&H has formed on Anglo Gold.
21=7 And seems to be crossing down.
Price>200 - This is Bullish but with the price so far away from the MA means, there would be a sling reaction to take the price back down.
RSI<50 - Bearish biased.
Target is at R337.00 for shorters.
THOUGHTS:
This was completely unexpecting as the JSE ALSI seems to be heading up.
The rand has been weakening with a touch of strength in the last week. This could be one of the linchpins to Anglo Gold's potential fall due to the following:
Revenue in Dollars - It's a U.S World!:
Anglo Gold, primarily earns its revenue in U.S. dollars because gold is priced and sold globally in dollars. So when the rand strengthens, the revenue drops.
Impact of a Strong Rand drops gold sales ouch!:
When the rand strengthens against the dollar, it means the same dollar revenue from gold sales converts into fewer rands.
Reduced Profitability - Stronger rands - less rev:
This currency fluctuation can reduce the company's profitability. As their revenue decreases in rand terms while their costs remain the same or may even increase.
Investor Attraction or should we say detraction! :
A decrease in profitability can make AngloGold less attractive to investors, affecting demand for their shares.
Share Price Drop: If investors find the company less attractive, they may sell their shares or choose not to invest, which can lead to a decrease in the share price.
Next analysis I will do is Gold to see what's going on. But yes, I'm definitely short biased.
Anglo-AshantiFollowing a promising rally in TVC:GOLD futures, gold miners benefited from the rally. However, JSE:ANG has given back all the rally gains. JSE:ANG is now trading below what was a potential support level, and it's trading below the 200 dMA. From this view, the stock is bearish, but fakeouts do happen.
Short triggered on ANGA short has been triggered on JSE:ANG based off our momentum strategy. we expect it to reach the target at the 317 area.
#JSEANG short idea Price bounced off a multi month down trend, will wait for it to break out of immediate short uptrend to signal short, then go down and close gap.
ANG - Evening StarAn evening star reversal pattern has formed on JSE:ANG which could be signaling a downward move. This signal is strengthened by the fact that it comes right after a doji which is a sign of uncertainty in the market.
#ANG Anglogold on a big monthly level #JSESome big levels on monthly chart:
(1) consolidating above the 200 simple and exponential moving averages (green bands)
(2) S1 yearly pivot
(3) 23.6% fib channel using closing lows and highs from 2015 and 2020
(4) Holding 40 RSI level which has been critical support for ANG over the last 5 years
Let's see how we do in the next few months but my bet is we get a decent bounce out of here into the 4th quarter of 2022
AngloGold-Ashanti potential long tradeJSE:ANG could be interesting above R360/share. Especially if TVC:GOLD move up.
Potential Bearish Flag on ANGJSE:ANG made a string downward move early in August. Since then it has been consolidating in a slight upward direction. Although not confirmed yet, this might be the formation of a bearish flag pattern. If it breaks through the bottom of the consolidation area, we could possible see a downward move as far down as the length of the original flagpole. I will wait for confirmation first before entering.
Double Bottom with upward momentumJSE:ANG has formed a double bottom chart pattern and is showing some upward momentum based on the upward turn on the stochastic at the end of March and, more recently, the crossing of the EMAs and the upward turn of the MACD. If it breaks through the highs formed in early March, it might give us a nice upward move.
ANG Turning upwardsAll three of the "momentum indicators" have turned up with this morning's opening which could indicate an upward move on JSE:ANG . It has also bounced off of a significant support level which goes all the way back to August 2019. If it continues with the upward momentum, we could see an upward move all the way to the 40000 resistance level.
ANG long opportunityJSE:ANG is looking good for a long position as the stochastic, MACD and the EMA's are all triggering upward movement.
#Anglogold #Ashanti - Something is wrong?Something is wrong with this gold producer or will wave (v) extended?
Double Top on ANGJSE:ANG has formed a double top around the 52500 level. It has broken through the "dip" between the two highs, which usually is a trigger to enter a short.
We could see a move all the way down to the support zone at the 31000 level.
