Double bottom on Gold Fields Ltd?

Resource counters were the clear winners on the local bourse yesterday and Gold Fields finished up over 5% on the day on a significant amount of shares changing hands. I have highlighted what looks like the start of a double bottom below; indicative of a bullish reversal pattern, in this case verified when the share price closes above 5900c. A close below 5400c would consider this setup to have failed. When we look at the RSI relative to the share price action we can see divergence taking place with the share price having ground lower and the RSI moving progressively higher; this is often a precursor or the first clue to a change in direction. It is interesting to note similar patterns starting to unfold across other local counters such as Sibanye and AngloGold Ashanti.


Anas Nadim

Fondateur chez TRADx et Fincast | Trading, IA, éducation Financière

8 年

une divergence et point d'entrer vers une tendance haussière

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