+AGL / -BHPMichael Porter on the Unum Capital Trading Desk likes the +AGL / -BHP pair.
I might be a few days late on this one, an the ex Div date a few days back does affect the pair.
entry 1.006 with a target of 1.095 (TP) and SL of 0.963
AGL trade ideas
AGL Fractal breachedJSE:AGL has broken a downward trend as well as breaching the fractal from the 20th of August. Looking good for an upward move from here.
AGL LongAnglo American is in a uptrend on the weekly chart,price has pulled back to the 100 EMA support,prudent to watch price action on the daily time frame for some sort of consolidation before entering.
AGL - Major Support BrokenWe may derive the following from the Weekly AGL chart:
1. Price has broken our major support (See linked idea).
2. Our next target is the trend support level.
3. Monitor price action and watch for further shorting potential.
4. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
AGL weekly chart pattern double top with Neckline brokenAGL weekly double top pattern with broken neckline at the R345.00 mark, Currently
looking for a retest to a zone between R345-R372 for short re-entry with stops above 391.
Initial target for this move is to around R272.00
Risk/Reward = 1.7
Anglo American Good bye kiss?AGL has broken its long term support, support now becomes resistance and it has retraced back to the trend line but has failed to break back into the long term trend. Is this now the "goodbye kiss" before further weakness?
$JSEAGL Hourly chart confirms bearish weekly -ST target =R312.50$JSEAGL Hourly chart confirms bearish weekly -ST target =R312.50
$JSEAGL - Back on TL supportAnglo American retesting TL support once again fuelled by general sell off.
$JSEAGL Weekly bearish double top targets R289I was hoping for a re-test of the break = better entry levels. But hourly chart confirmed short entry
Anglo American - Bull run over?SELL – ANGLO AMERICAN (AAL)
Anglo American PLC is a mining company. The Company has a portfolio of mining operations and undeveloped resources with a focus on diamonds, copper, platinum group metals, and bulk commodities.
Fundamentals
Anglo American recently delivered an impressive set of half-year results, yet the share price has fallen significantly in recent days. The company underwent a radical restructuring plan in 2013 and this had paid of handsomely with the shares appreciating over 900% since the 2016 lows. The increased concern over trade wars between the US and China has impacted the share price considerably in recent days with the shares falling over 20%. This could be the start of a deeper correction.
Best Broker Target Price: 2900p (JP Morgan Cazenove 05/07/2019)
Worst Broker Target Price: 1200p (Liberum 28/02/2019)
Technical Analysis
Anglo American has moved sharply lower in recent weeks, breaking a key trend support line that has been in place June 2017. The horizontal support at 1870p has also given way following the gap lower on the week beginning 5th August 2019. This completed a double top formation and suggest further downside will be seen over the short to medium term. The targets are the 38.2%, 50%, 61.8% & 78.6% Fibonacci retracement levels from the lows in 2017 to the highs in June 2019.
Recommendation: Sell between 1800-1900p
Stop: 2135p
Targets: 1625p, 1465p & 1240p
$JSEAGL - Very close to TL supportAnglo American very close to major TL support after recent market rout!
AGL - Broken through previous lowsJSE:AGL has broken through a quite significant support level and confirmed it with an open and close below. We could continue downward with the current momentum.
AGL - Broken through previous lowsJSE:AGL has broken through a quite significant support level and confirmed it with an open and close below. We could continue downward with the current momentum.
AGL - Support ApproachingWe may derive the following from the Weekly AGL chart:
1. Price has fallen as previously analysed (See linked idea).
2. Some profit can be taken.
3. A bid is most likely to occur at the support line (pink) - however a breakdown wouldn't surprise me.
4. Keep holding.
5. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
JSE:AGL Anglo American Approaching OversoldAnglo American has been trading in a well-defined advancing channel (See the previous post following this advance below). Every time it has reached the oversold line there has been a spring type action and institutional buying indicated by volume increases. The difference with the previous occasions this occurred is that the volatility is greater and has occurred a shorter perioded of time after the previous event. So watch for a reaction from the oversold line on a lower timeframe but apply good risk management due to the volatility.
$JSEAGL - Close to area of supportWould ideally like to pick this one up around the R344 - R347 area.
Anglo American- I'm chasing the highAfter failing at the second attempt (Just above R400.00) at the recent high, Anglo has given us a fair enough pull-back to get long. Today's interim results, I think the share price will get buying support above R380.00. Although I'm not going to chase it, I am aiming to buy the CFD just below 385.00 (if it goes there). All of my momentum indicators have swung up into a positive direction and I'll be using the 50 day moving average as my stop loss. A breach of that will be my signal to exit. The target for profit taking is also rather simple... I'm chasing the previous high
AGL - Bears arriving!We may derive the following from the Weekly AGL chart:
1. We had a major sell off last week, which i.m.o confirms the sellers starting to gather momentum.
2. We have inner trend line (blue line), which is the last support before we head down to the major trend line.
3. I would consider shorts until such time as we reach major support (pink line).
4. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
