SSSouth32 Ltd.
9.87USDD
−0.05−0.50%
Last update at Jun 12, 19:58 GMT
USD
No tradesPost-market
SOUHY trade ideas
South32SOUTH32 is one of the great stocks you can have on you're portfolio. Looking at this chart South32 looks to be in a bearish channel forming a bullish flag. South32 is currently trading @R47.45 and I think it may drop to R37-R33 where I believe it can get a great support. South32 could do the opposite if commodity prices could increase.
FUNCHARTS - Gold can be a leading Indicator for South32 (S32)Note: Funcharts are interesting charts I have found that offer a potentially unique perspective on a stock. Sometimes I’ll throw something out there that you might find controversial or wrong headed. If that’s the case your 2 cents worth is most welcome.
South32 (S32) on the ASX has been led by Gold (GLD) by 139 days through history. Go ahead and check out the chart, go back in time and you’ll see that there has been a reasonable correlation between movements in Gold followed by movements in South32. It hasn’t always been 139 days but this has been the highest correlation at 29% of all lag times, if that makes sense.
The current intermarket forecast from Gold suggests a rally through to the 25th July, let’s see.
Incidentally Coffee has provided an inverse correlation, I’ll show you that one another time.
Happy Trading
S32 Profit stopped @ 3.95 1.8R, looking for a test of the LMLThe t/p target was maybe a touch too aggressive considering the previous high in the background. The high was tested and holds for now.
Curious how price will react with the LML, and if the ML set is valid.
There are some alternate entries, which show better RR, and less ‘time in the market’ once the ledge had broken. You don't always have to be first. The first and second Ross Hooks, give possible better trade locations.
S32.ASX_Retracement Trade_LongENTRY: 3.71
SL: 3.36
TP: 4.07
- ADX<20. Would like to be higher.
- RSI>50,RSI<70
- Daily RS +ve
- Daily FFI +ve
- Daily MACD +ve
- Weekly RS +ve
- Weekly FFI +ve
- Weekly MACD +ve
- Retracement since hit high on 14 Oct 2021
- Possible hidden buying on 30 Nov 2021 and followed up with 2 days of above average volume.
S32 - Next Pullback may give a Buying OpportunityBullish Confirmation Indications
Recent price action has confirmed a reversal by pumping upwards and forming a higher high.
1. Price has formed a higher high
2. It has formed a Golden Cross
3. Recent consolidation at Resistance indicates that the stock price is facing a hard time continuing up
4. The price is at 78.6% Fib Retracement level of $2.45 and @2.60 range, which is also a Resistance Zone
5. OBV suggesting Bullish Volume may be fading
6. I will be confident to buy in the $2.20 - $2.35 region (Buy Zone).
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
