Skip to main content
Anglo American Technical Analysis JSE:AGL

Daily Analysis – Anglo American

Todays stock was another stock picked up by my 20 period Fractal Break-out screener.
It picked up Anglo America as a possible break-out stock towards the down side.

Yesterday there was a rejected attempt at the minor resistance area at 19,113 andthe 200 Day MA.
Today’s candle validated that rejection and a move back to the 17,000 – 16,500 major support area is possible.
Should that area be broken and we could be headed down to the 15,000 area.

The 50 Day MA is still slightly above the 200 Day MA and should the 18,000 trend support line hold we could be going back up to the 20,000 area. If the 50 Day MA cross under the 200 Day MA then its likely that the latter bearish scenario could play out.

Want to learn more about price action? Check out our tutorials on the AlgoTrading website.

*All information in this article is the author’s opinion and is for educational purposes only. It does not constitute investment advice or a solicitation to buy or sell any financial instrument. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

 

Stanton Roux

Stanton Roux

Algotrading.co.za is a free online learning platform that merges my two passions software and trading. I like to bring a new twist to trading and show how software can improve your trading skills.