Sibanye With Another Failed Daily Cycle
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Sibanye came in with not so good earnings causing price to capitulate, in that process it went lower than R28.60 (21 August price), this represents a cycle failure early into another daily cycle that must lead to a yearly low. We can get a rally from buyers perceiving R28 level as a good buy how since the cycle is failed we can expect price to eventually trend lower than R28.44.
Nota
Sibanye has continued down, we can expect a weak bounce out of a half cycle low before it continues downwards.Nota
Sibanye short has done well, signs of positive divergence on weekly chart forming, a good point to harvest most profits.
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