Since the original negative outlook on the ALSI 40 since 16th Feb, we have had a fall of another 1900 points. The 16191 level is old support from Nov 08. This level was broken this morning as the gap on the open raced passed this level to 16071 before bouncing from this level to challenge the gap.
The 60 min outlook on the ALSI is a recovery to 16430 level as resistance but first the gap must be closed at 16494.
With my next Fib level being 16700, how close did the ALSI get to that before turning south. The short triggered now at 17h15 has reaped 200 pts and ought to be closed about now.
Gold recovered well today with AngloGold up 3% and DRD both up after the pull back. That was great. Anglo American is very oversold and indicators imply that the share could experience a retracement/bounce with R134 being a fair support level. The upside target later this week is around R154.
Both Kumba and Implats had sterling days on the market clsing up 7% and 9% up respectively.
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