Trading Harmony Gold (HMY)

Research Notes October 2025 > https://www.unum.capital/post/roct2025

Trade Local & Global Financial Markets with Unum Capital.

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For clients trading Harmony Gold in New York.

Harmony Gold (HMY) is in a powerful, multi-year structural uptrend but has undergone a significant weekly pullback, making the current levels a critical pivot point. Current Price: $17.4900. The core thesis is that the price is undergoing a healthy, high-velocity correction within a dominant structural trend, presenting a potential "buy-the-dip" opportunity if the weakness exhausts quickly.

The weekly momentum has dropped aggressively, but the larger trend integrity is still holding:

• Ultra Short-Term Momentum: This is deep in the WEAK tier and sloping downwards, indicating the current sell-off pressure is intense but likely nearing a point of exhaustion.

• Short-Term Momentum: This is in the NEUTRAL tier and sloping downwards, reinforcing the corrective phase and indicating the short-term trend has been neutralized.

• Mid-Term Momentum: This is firmly in the NEUTRAL tier and sloping sideways, confirming the structural integrity of the long-term rally is still holding, despite the recent price drop.

• Base Term Momentum: This is still in the NEUTRAL tier and sloping sideways, underscoring that the primary long-term trend remains structurally sound.

The critical technical challenge is the Short-Term Resistance ($20.00 - $22.25) at the recent high. A sustained rebound is needed to challenge this area. The most relevant buying zone for the larger trend is the Mid-Term Support/Pivot ($14.00 - $12.50); a failure to stabilize in the current range would see the price drawn quickly to this stronger structural support area. The Major Long-Term Resistance is the All-Time High of $22.25.

Lester Davids

Senior Investment Analyst: Unum Capital