$JSESSW - Sibanye: Looking More Bullish On Technical Indicators
See link below for previous analysis.
It's been tough going for Sibanye since reaching an all time high in March 2022.
A 78% drop saw price plummet to 1756 before bulls came in to nibble.
The question is, has the stock bottomed at 1756?
Here are a few technical reasons to be bullish:
*Elliott Wave count suggests wave (C) is complete having unfolded in an impulse.
*Price has broken the upper trendline with wave (C).
*Wave (C)/MACD made a double convergence which is a bullish sign implying downward momentum is waning.
With all these indications one can never be certain so I will keep a close eye on 1756 as my invalidation level.
It's been tough going for Sibanye since reaching an all time high in March 2022.
A 78% drop saw price plummet to 1756 before bulls came in to nibble.
The question is, has the stock bottomed at 1756?
Here are a few technical reasons to be bullish:
*Elliott Wave count suggests wave (C) is complete having unfolded in an impulse.
*Price has broken the upper trendline with wave (C).
*Wave (C)/MACD made a double convergence which is a bullish sign implying downward momentum is waning.
With all these indications one can never be certain so I will keep a close eye on 1756 as my invalidation level.
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