Gold Fields' Short Term Structure
Last Thursday, I made the following comment on the trading desk/to clients, at 17333c.
Gold Fields (GFI) - Short Term Potential To Repeat Price Structure As It Nears Overhead Resistance
- Following it's short term surge, price trades near the overhead resistance and swing highs seen during May and June.
- Overhead resistance is yet to be tested however following should this occur a period of consolidation may ensue.
- The 7-day RSI trades at 90 - a strong but overbought reading.
- Ultra short term traders could use the aforementioned resistance zone to reduce positions, with a view to re-enter on a retracement.
Daily Chart Attached
Gold Fields (GFI) - Short Term Potential To Repeat Price Structure As It Nears Overhead Resistance
- Following it's short term surge, price trades near the overhead resistance and swing highs seen during May and June.
- Overhead resistance is yet to be tested however following should this occur a period of consolidation may ensue.
- The 7-day RSI trades at 90 - a strong but overbought reading.
- Ultra short term traders could use the aforementioned resistance zone to reduce positions, with a view to re-enter on a retracement.
Daily Chart Attached
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