Harmony Gold has come down 27% since last week's price of R72.
Case for short term upside in Harmony Gold:
Harmony closely correlates to the Rand Gold price.
1. DXY Dollar Index is extremely oversold on the RSI, way off its 50-day moving average together with a big perfected TD 8 0f 9 candle which indicates a potential turnaround candle tomorrow. This inherently means a potential weakening of the Rand.
2. The Rand itself is currently at its .618 Fib "Retracement level and also in extreme RSI overbaught levels.
3. Harmony Gold has turned around at R51.50 which can be argued is because of great support as the Volume Profile indicates extreme volume levels between R49 and R50.
Case for short term upside in Harmony Gold:
Harmony closely correlates to the Rand Gold price.
1. DXY Dollar Index is extremely oversold on the RSI, way off its 50-day moving average together with a big perfected TD 8 0f 9 candle which indicates a potential turnaround candle tomorrow. This inherently means a potential weakening of the Rand.
2. The Rand itself is currently at its .618 Fib "Retracement level and also in extreme RSI overbaught levels.
3. Harmony Gold has turned around at R51.50 which can be argued is because of great support as the Volume Profile indicates extreme volume levels between R49 and R50.