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  • Lester Davids

Anglo American Plc (AGL) - Monday, 08 April 2024

Reading Time: 1 Minute


  • On Thursday, AGL traded above R500, exceeding the R478 upside target.

  • At current levels, the share is in a high bullish momentum phase, while also approaching an overbought range.

  • Traders need to monitor for a deteriorating short term candle structure which could mean that the upside momentum is being lost. Failure to the previous session(s) range highs, would suggest that an ultra short term reversal is underway (possible tactical short/sell setup).

  • The share is extended versus it's 21-DAY EMA by the most since December 2022. This shows the extent of the short term overbought conditions.

  • In the pairs space, the LONG AGL vs SHORT KIO idea is now higher by 20%.

  • The current chart, with the potential short term price path is shown below.



AGL Distance vs 21-EMA



AGL Technical Rating: High Bullish Momentum/Approaching Overbought.



According to the Tactical Trading Guide, the short (1 to 10 days) and medium term (2 to 4 weeks) term reading (see below) supports the above view.



Unum Capital clients were alerted to the price forecast for Anglo American Plc on Thursday 07 March (pre-market) at R425, with wan upside target of ~R478. This target has been exceeded.


Update: The pair trade idea, LONG AGL vs SHORT KIO is now higher by 20%. Unum Capital clients were alerted to this setup on Thursday 16 November (pre-market).


To trade, or open a new account, contact the Unum Capital Trading Desk: E-mail: tradingdesk@unum.co.za | Call: 011 384 2923


Lester Davids

Analyst: Unum Capital

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