Anglo American monthly chart warns for caution..
A quick view of the monthly chart of Anglo American on the JSE suggests that bears are gaining the upper hand as a result of the upper tails formed on every attempt to rally beyond R320-R330 as can be seen on the candlestick chart. Bulls are just battling to gain any sort of momentum to move the stock beyond R330.This type of action is normally typical of a market distributing a stock. In addition, the monthly chart has formed bearish divergence where the stochastics indicator has been unable to confirm the new high in the stock price. I would be using this strength to take profit if I am long JSEAGL or look to short here for moves back to potentially R270 and R240.
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