Lots of confluence here. It's time for a retrace...We have reached the target of the fib .382 from the 2016 bottom
We have also reached the .618 of the fib from the march bottom
GFI
GDX - Miners are Ready to Rock and RollGDX - Miners are Ready to Rock and Roll
Keeping this short and simple
Daily/Weekly Set-up
Entry on Pre-market Gap-up or 32.25 double bottom if we drop (which i doubt)
1st Target = 38
2nd Target = 42
Hodl target = 45+
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Good luck, happy trading and stay chill,
2degreez
Great Confluence HereExpect a bounce. We have some confluence
-bottom of the primary trend line
-.786 fib retracement
-200DMA
-RSI 20 (during the last 2 years, every time we got this low, there was a considerable bounce)
Confluence abound, expecting a bounce-Daily 200 SMA/EMA
-Bottom of primary trend channel
-Fib 1.618 of lower Distribution (or Reaccumulation) phase
-2012-2013 triple top (previous bull market top if you discount the initial blow off top)
-Fib 1.272 extension of BC to AR Distribution (or Reaccumulation ) phase
-Supply zone at ~1800
-Lowest 4Hr RSI since Aug-2018 (Wyckoff spring and start of current bull market)
-Bottom of Fall season channel
-1800 nice round number
I'm expecting a bounce or a bottom here...
Nevermind the technicals. The fundamental's are enough.Lets see...
If it rises to the top of the channel. That would give it a whopping P.E. of 14
Not bad considering earnings growth of 25%+ over the next 5 years
Also nice dividends...
Most of the miners should be bought on any and all dips...
The wedge could break this weekMiners have bottomed for the quarter and have already started their next leg up
The wedge will break this weekI think it will pop higher. If it pops lower, then look to buy at the 2019 trend, which is also the D100ma.
The usual summer consolidation may end early this year (See DXY). This means that the bottom is already in. The next leg up has already started. However, the usual winter impulse move higher should still happen in late Nov or Dec.
GFI - Short idea should we have a break of R220GFI is find it hard to maintain momentum and R230 has found some heavy resistance. The other golds have dropped but GFI has held strong. Should we see a drop of R220 we could see a nice move down R200 and maybe even further.
JSE:GFI Gold Fields Gold on the move.Just like Anglo Gold Gold Fields has seen an increase in volume and is pushing off resistance become support continuing the markup that had started.
JSE:GFI Gold Fields Pushing HigherGold is very strong. After a week pullback, we are now seeing price breaking higher.
JSE:GFI Gold Fields MarkupFollowing the trend in all gold stocks, Gold Fields has had a week pullback attempt and is now ready for the markup to continue of the oversold line.
JSE:GFI Gold Fields MarkupLarge investors have been buying Gold Stocks since 2016. We can see the progression of this accumulation in the Gold Fields charts (see posts below). With the recent fire sale which even affected gold stocks, they were buying even more. Gold was being sold to raise cash but if we look at the volume others were buying. Now volume has decreased but we see ease of movement to the upside. This is because investors are have bought up the available stock and there is little available pushing up the price. The markup is now in full swing.
JSE:GFI Gold Fields Gold Stocks StrengthJust like the other gold stocks Gold Fields is sowing a lot of strength and is looking to break out of the trading range after a key reversal bar today.
JSE:GFI Gold Fields SpringJust like the other gold stocks Gold Fields has lost a lot of value in the last couple of days. But just like some of the other gold stocks it has held above the yearly pivot point and 200 Day SMA and formed a spring of the trading range. The volume increases during markups, it is stronger than the Top 40, there is divergence with the Volume RSI and a reversal bar has formed. Looking for the further markup of Gold Fields. We could see a test of the spring but should have a strong markup.
GFICurrently at the Supply Zone and the play along the E leg of the harmonic, we look for the pullback.
JSE:GFI Gold Fields Pushing for the BreakoutGold Fields has been undergoing re-accumulation (see posts below). After a pullback at the beginning of the year price is again pushing at the breakout level with some volume. There is further some signs of strength (SOS) on volume in the background. The relative strength is also turning higher.
