UPDATE Thungela still showing medium term downside but is slow
Large H&S since May 2022 formed which gave a Medium term trade.
Since it broke down, I know it would take a longer period for the price to drop due to the size of the formation.
Remember, companies will try everything in their power to keep the price up and without a strong negative catalyst, the formation will either play out or forma another pattern in the interim.
The bias is negative until we see any upside potential.
200 >21> 7 - Bearish (Red)
RSI <50 Red
Target R88.70
ABOUT THE COMPANY
Thungela Resources is a South African coal mining company that was spun off from Anglo American in June 2021.
The name Thungela means "ignite" or "spark" in Zulu, which reflects the company's focus on providing energy to power the economy and society.
Thungela Resources operates four open-pit coal mines in South Africa's Mpumalanga province, which produce thermal coal used in power generation.
The company's mines have a combined production capacity of approximately 17 million tonnes of coal per year.
Since it broke down, I know it would take a longer period for the price to drop due to the size of the formation.
Remember, companies will try everything in their power to keep the price up and without a strong negative catalyst, the formation will either play out or forma another pattern in the interim.
The bias is negative until we see any upside potential.
200 >21> 7 - Bearish (Red)
RSI <50 Red
Target R88.70
ABOUT THE COMPANY
Thungela Resources is a South African coal mining company that was spun off from Anglo American in June 2021.
The name Thungela means "ignite" or "spark" in Zulu, which reflects the company's focus on providing energy to power the economy and society.
Thungela Resources operates four open-pit coal mines in South Africa's Mpumalanga province, which produce thermal coal used in power generation.
The company's mines have a combined production capacity of approximately 17 million tonnes of coal per year.
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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