Top5 oversold/overbought according to RSI & Harmony Gold
End of week 3 May 2019. Tough week for #Gold & some #Property stocks. FTSE/JSE All Share Top5 oversold/overbought according to 14day RSI indicator as follow:
Oversold:
Rebosis Property 28
Hammerson PLC 29
Harmony Gold 33
Brimstone Inv Corp 34
AngloGold Ashanti 34
Overbought:
Foschini Group 76
Transaction Capital 76
Reunert 74
Blue Lable Telecoms 74
EOH 74
Spending some time on Harmony Gold. JSEHAR trading in a channel for the past 2 years, bouncing/find support around the R20.40 levels and never breaching the R32 levels (resistance).
“To date, 78% of the companies in the S&P 500 have reported actual results for Q1 2019. In terms of earnings, the percentage of companies reporting actual EPS above estimates (76%) is above the five-year average. In aggregate, companies are reporting earnings that are 5.6% above the estimates, which is also above the five-year average”. ~ FactSet.
While the fear is low and the outperformances high, we can expect Gold to remain under pressure. Although the share price is nearly oversold levels according to its 14-day RSI, I would therefore not be in a rush to buy HAR yet. I would re-evaluate at R22, but would most probably wat for R20.40 before I would consider an long position and even then, I would rather look at
ARI as my preferred entry into Harmony. Reason – higher diversification.
Thomson Reuters consensus currently got a target price of R31 on Harmony.
Oversold:
Rebosis Property 28
Hammerson PLC 29
Harmony Gold 33
Brimstone Inv Corp 34
AngloGold Ashanti 34
Overbought:
Foschini Group 76
Transaction Capital 76
Reunert 74
Blue Lable Telecoms 74
EOH 74
Spending some time on Harmony Gold. JSEHAR trading in a channel for the past 2 years, bouncing/find support around the R20.40 levels and never breaching the R32 levels (resistance).
“To date, 78% of the companies in the S&P 500 have reported actual results for Q1 2019. In terms of earnings, the percentage of companies reporting actual EPS above estimates (76%) is above the five-year average. In aggregate, companies are reporting earnings that are 5.6% above the estimates, which is also above the five-year average”. ~ FactSet.
While the fear is low and the outperformances high, we can expect Gold to remain under pressure. Although the share price is nearly oversold levels according to its 14-day RSI, I would therefore not be in a rush to buy HAR yet. I would re-evaluate at R22, but would most probably wat for R20.40 before I would consider an long position and even then, I would rather look at
ARI as my preferred entry into Harmony. Reason – higher diversification. Thomson Reuters consensus currently got a target price of R31 on Harmony.
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