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Writer's pictureLester Davids

Thungela Resources: Zooming Out - Wednesday, 04 September 2024

Real-Time: 11h37

Ticker: TGA


  • The share is breaching multi-month incline support.

  • Downside risk targets 9100c, then 8300c.

  • The price remains below all major medium term moving average, including below the 200-day SMA.

  • For short term traders, the swing lows at 10000c is a key range to monitor, however, this is also a psychological level (round number theory) which traders/investors will be monitoring for any further weakness.


  • On a long term basis, the share is lower by 60% vs October 2022 where I published a relative chart highlighted the breakdown vs the Top 40 index. At the time, the print was R289 vs R110 today.

  • My then, as published, is shown below:


Lester Davids

Analyst: Unum Capital


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