End of week 31May19. Most of the companies finding itself in the top oversold list are there for good reason and would I caution all “bottom-pickers” to be very careful buying into these companies. FTSE/JSE All Share Top5 oversold/overbought according to 14day RSI indicator as follow:
Oversold:
Clover 15
Brait 18
Tongaat 21
Glencore 23
RDI Reit 23
Overbought:
Allied Electronics 80
Gold Fields 78
Cartrack 74
Fortress B 70
AngloGold Ashanti 69
Spending some time on Gold Fields. You know the world is becoming increasingly worried/pessimistic, when you see these kind of “towers” happening in gold companies. The US also back into “Extreme Fear” territory according to the CNN Fear & Greed Index (https://money.cnn.com/data/fear-and-greed/) – first time since the big drop in US markets end of last year.
Gold Fields made similar movements when US dropped end of last year, which tells us that a pattern is developing.
Gold Field however broke a very strong resistance level on Friday; one that has never been breached since November 2016. Although the share price is finding itself in extreme overbought circumstances (according to 14-day RSI and relative price movement against FTSE/JSE All Share), do find itself in a whole new trendline, with any further “Fear” growing worldwide, could see Gold Fields test the R70-R90 levels traded back in middle 2016.
Oversold:
Clover 15
Brait 18
Tongaat 21
Glencore 23
RDI Reit 23
Overbought:
Allied Electronics 80
Gold Fields 78
Cartrack 74
Fortress B 70
AngloGold Ashanti 69
Spending some time on Gold Fields. You know the world is becoming increasingly worried/pessimistic, when you see these kind of “towers” happening in gold companies. The US also back into “Extreme Fear” territory according to the CNN Fear & Greed Index (https://money.cnn.com/data/fear-and-greed/) – first time since the big drop in US markets end of last year.
Gold Fields made similar movements when US dropped end of last year, which tells us that a pattern is developing.
Gold Field however broke a very strong resistance level on Friday; one that has never been breached since November 2016. Although the share price is finding itself in extreme overbought circumstances (according to 14-day RSI and relative price movement against FTSE/JSE All Share), do find itself in a whole new trendline, with any further “Fear” growing worldwide, could see Gold Fields test the R70-R90 levels traded back in middle 2016.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.