Jsehar
$JSE-HARJSE:HAR
Posting weekly chart since patter is way to big for daily.
Made sideways consolidation over last 5-6 months with top of it been tested on Friday. Break above will bring more upside.
What I wanted to point is big cup pattern that is still developing.
If it plays out potential target is around R10000
JSE:HAR Harmony Looking WeakAfter showing signs of strength (SoS) (see the previous post) the tide seems to have turned and we are seeing some signs of weakness (SoW). Volatility has increased to the downside. The smaller TR that has formed at the top of the larger TR is also showing an increase in volatility indicating distribution. With the rally in gold, the rally in harmony has been poor and could not break the highs. This looks like there is some downside to come.
JSE Gold Stocks at Decision PointThe price of gold has been in consolidation and looking weak. It is now testing the yearly pivot point. The JSE stocks have been reflecting this weakness with Harmony showing the most weakness. If the gold price breaks the yearly pivot point we could see quite a bit more downside. But it is holding and a break to the upside could mean an extension of the consolidation area. Watching for price action in the week ahead.
JSE Gold Stock ComparisonGold stocks have been a leading sector in the Resources Sector. Currently, there has been some climactic action and I am expecting some consolidation. However, once the consolidation has completed which stock to take positions in on the next swing. Comparing the relative strength of ANG, SGL, HAR and GFI we see that ANG is the leader of the pack. GFI has also been strong in the latter part of 2018 but has some weakness in the background.
JSE:HAR Harmony Gold MarkupThe gold price is showing strength and with it gold stocks. HAR has broken its accumulation range and backed up to the range on declining volume. A strong rejection of the Yearly Pivot Point could indicate that the markup is about to start.
