JSE:ANG AngloGold Breakout and Test

2 oct. 2018

AngloGold has been in a very week down and has developed a base.
We see the following volume signature:
- a high volume Selling Climax (SC),
- a Spring with Signs of Strength in the uptrend,
- a high volume test,
- followed by a low volume test indicating supply has dried up,
- negative divergence with OBV and price at the spring and low volume test as confirmation,
- then the markup in Phase D started, and
- the backup to the trading range.

After this action the expectation is for the Markup in Phase E to start. Looking for the first area of resistance to be at the Yearly Pivot.

15 nov. 2018

Note

After the move to the Yearly Pivot we have seen a smaller trading range form. Declines on low volume and a low volume #3 spring at the bottom of the TR is very bullish. A bounce today could see a move to the top of the smaller trading range. A #3 springs often does not have a test and this could lead to a breakout and further markup.

4 janv. 2019

Note

After re-accumulation at 2018 Yearly Pivot Point. ANG was marked up further. Now we have gone into overbought territory with a throw over of the upward trend and some high volume. There is further some divergence on the volume RSI. What we could be seeing is a buying climax (BC). According to Wyckoff theory, a trading range should start with an automatic reaction (AR) from the highs.