Scorpio
10-12-2003, 09:53 AM
Taking a look at the Harmony chart, a few things pop into mind.
Firstly, a volume spike has been occurring at the beginning of each substantial move in price. No volume, = no follow through to the upside. Note how the volume petered out at the last attempt at $16, and down she comes. The volume now is tapering off once again. Eventually, there will be another volume spike, and the buy will be in. I actually would not mind a drop to 12.25 before the next reversal to the upside.
Last year there was a rise from late Oct into mid Nov, followed by a test of the low in the first of Dec, and then it powered on to set new highs before rolling over. We are coming up on a positive gold seasonal period, say Dec thru March.
Maybe that will give this one the support it needs once again.
With the Rand appreciating, the only hope the SA's have is the increasing gold price. Without further increases in physical price of gold, these stocks are going to tread water or go down.
Firstly, a volume spike has been occurring at the beginning of each substantial move in price. No volume, = no follow through to the upside. Note how the volume petered out at the last attempt at $16, and down she comes. The volume now is tapering off once again. Eventually, there will be another volume spike, and the buy will be in. I actually would not mind a drop to 12.25 before the next reversal to the upside.
Last year there was a rise from late Oct into mid Nov, followed by a test of the low in the first of Dec, and then it powered on to set new highs before rolling over. We are coming up on a positive gold seasonal period, say Dec thru March.
Maybe that will give this one the support it needs once again.
With the Rand appreciating, the only hope the SA's have is the increasing gold price. Without further increases in physical price of gold, these stocks are going to tread water or go down.