Sibanye Still-Water: Medium Term View
Aktualisiert
Sibanye-Stillwater price has been guided by the green resistance and support, now reaching a convergence of these lines, the support line intersects with pink upsloping support of broadening wedge. Previously this support has propelled price to upper resistance, this would mean Sibanye setting new highs.
There is a risk of price falling out of the tight triangle, we therefore must work with confirmations, weekly swing & closing above the green line on a weekly basis gives a higher confidence that trend looks up.
There is a risk of price falling out of the tight triangle, we therefore must work with confirmations, weekly swing & closing above the green line on a weekly basis gives a higher confidence that trend looks up.
Anmerkung
SSW closed below the triangle on a weekly basis, it is now in another daily cycle and seeking a half cycle correction that should coincide with US dollar index (DXY) making an up move.Anmerkung
SSW showing a reversal we can expect to be temporary relief, there is a gap from April 2020 that is attracting price around R25.50, we will be looking for that gap to be filled in current cycle before a turn upwards in price.Anmerkung
On daily time frame, SSW is in timing band for a daily cycle high, if true then we should move lower R27.52. If we manage that we setup for an around-the-apex move on way back up, such setups are quite bullish.Anmerkung
Sibanye has confirmed 26 June as a cycle without going lower than R27.52 meaning the price at R27.52 is a weekly low, we can expect price to trend upwards above the green trendline.Trade wurde manuell geschlossen
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