Ido, thanks for the nice chart.
While I see the trendline, I also notice the weak MACD and RSI which indicate to me that the downside may not yet have run its course.
I presume you're interested in Harmony, so here's a similar chart for this stock which shows a commencing upturn in the (very) slow stochastics.
stockcharts.com[h,a]daclyyay[p][vc60][ilg!lp14,3,3]
Similar in Anglogold
stockcharts.com[h,a]daclyyay[p][vc60][ilg!lp14,3,3]
And Newmont
stockcharts.com[h,a]daclyyay[p][vc60][ilg!lp14,3,3]
And Goldfields
stockcharts.com[h,a]daclyyay[p][vc60][ilg!lp14,3,3]
So, I would say, although there is positive evidence for a resumption of the uptrend, one should not be surprised if the "consolidation" still takes some time.
BTW, you will notice that NEM and GFI have penetrated their "support lines". |
