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THUNGELA RESOURCES Rebounding, In Line With Price Action Model Reading

Writer's picture: Lester DavidsLester Davids

Tuesday 10 December 2024 (Time: 10h43)

  • The share is acting in line with the price action model reading as was seen on Friday evening. The reading is time-stamped.


 

Previous Post: THUNGELA RESOURCES Listening To The Price: 'Do Not Chase'

Wednesday 03 December 2024 (Time: Pre-Market)


  • For short term/active traders, price is key applying a disciplined but flexible approach to entries and exits can result in continuous cash flow being generate.

  • The share is lower by 1200c since the previous note.

  • The previous post highlighted the short term overbought regime for TGA, with the share having reached a high of 13898c on the day.

  • Following the publication of the note, the end of day model reading via the Tactical Trading Guide was as follows:

  • Short Term (1 to 10 days): "Very strong move. buyers in control but do not chase. The share may fail at it's attempt to hold it's prior session highs. If it does not hold, then the 8-day EMA could be a target"

  • Medium Term (2 to 4 weeks): "Aggressive buying but do not chase. Look for overshoot or failure to hold the prior session highs to short/sell back to the 8-day EMA"

  • For clarity, 'do not chase' means do not buy aggressively at or around the current levels as there is a risk that the price could lose upside momentum.



Time-Stamped Model Readings


 

Previous Post: THUNGELA RESOURCES Bullish Target Exceeded; Approaching Short Term Overbought

Tuesday 19 November 2024

Share Code: TGA

  • The rising 21-day EMA has served as a spot to re-enter on the buy/long side, following the minor pullbacks.

  • Original buy/long view at 10697c vs yesterday's high of 13898c.


 

Previous Post: Take Profit

Friday, 04 October

Time Published: 09h20

Ticker: TGA

  • Bank / Take Profit; Full Target Reached



Previous Post: Wednesday, 02 October 2024

Published: Pre-Market

Share Name: Thungela Resources

Ticker: TGA


  • The share is in the money by just over 600c, having reached a 3-week high of R113 during yesterday's session.


 

Previous Post (Potential Short Term Bullish Reversal)

Thursday, 26 September 2024

Published: Pre-Market (07h22)

Share Name: Thungela Resources

Ticker: TGA


  • Stable price action / improving candles structure

  • Support at prior swing lows

  • Positive open to close during yesterday's trading session

  • Above-average volume, suggesting an increase in buying interest

  • Positive divergence as per the 7 and 14-day Relative Strength Index

  • The share closed at 10692c, however, hold above 10550c is key to maintaining an ultra short term bullish thesis.

  • Setup invalidated below 10220c

  • Potential upside targets: 11420c; 11700c

  • Last close: 10692c


Daily Chart, With Levels + Volume


Daily Chart, With 7 & 14 RSI highlighting the bullish divergence


Model Reading via the Tactical Trading Guide


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