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Writer's pictureLester Davids

Thungela Resources: Strong Rebound Off The 21-D EMA

Thursday 24 October 2024

Time Published: 10h22


  • For active traders, the bullish reversal, advance and subsequent retracement for a re-entry provided opportunities to generate strong cash flow

  • Strong Rebound Off The 21-D EMA


As of 10h27, the model reads as follows:


 

Previous Post

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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