Anglo American PLC: Prepare To Go Long

18 January 2018 | Moxima Gama
 


BOTTOM LINE: AGL has broken out of its long-term bear trend confirmed above 24,905cps

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Possible scenario:

After a near-term pullback and retaining strong support at 24,905cps, AGL surged through pivotal resistance at 29,745cps. With the 3-day RSI coming off a mega-overbought position, a pull-back is underway. After this, another good buying opportunity would be presented through 29,745cps on support retained above 24,905cps, and in this instance, the 35,005cps level could be rapidly tested.

Alternative scenario:

The blue bold trend-line could be tested if selling persists through 24,905cps, but the previous long-term bear trend would be resumed below 21,010cps.

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Moxima

Moxima Gama
Technical Analyst, Sharenet

Moxima has a B.Comm Finance from the University of South Africa and is a certified Chartered Market Technician Level 2, currently completing Level 3. She has been a technical analyst for 10 years, working for BJM, Noah Financial Innovation and for Standard Bank as part of the Research Team in the Treasury Division of CIB. She now runs her own business, The Money Hub, and consults for Sharenet. Moxima has been rated as one of the top 5 technical analysts in South Africa and outperformed the market during the recent recession. She regularly makes an appearance as a guest on CNBC Africa and writes often for Finweek and Sharenet’s Views.

Read an interview with Moxima, or discover Moxima’s trading insights via Sharenet’s Technical Analysis Newsletter.


Disclaimer:
The information contained in this article is for informational purposes only and must not be regarded as a prospectus for any security, financial product or transaction. It is neither to be construed as financial advice nor to be regarded as a definitive analysis of any financial issue. Investors should consider this research/article as only a single factor in making their investment decision. We recommend you consult a financial planner/advisor to take into account your particular investment objectives, financial situation and individual needs. The views and opinions (where expressed) in this article are those of the author and do not necessarily reflect the official policy or position of Sharenet.

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