Tech­ni­cal anal­y­sis: Gold Fields

The Star Early Edition - - COMPANIES - Colin Abrams

GOLD Fields is cur­rently the strong­est of the lo­cal gold stocks and has given a price break­out, with a higher tar­get in place, for buy­ing. Rec­om­men­da­tion: Buy. Trend: Up in the short term; side­ways over­all. Gold Fields has bro­ken out of a tri­an­gle-shaped pat­tern and still has a sig­nif­i­cantly higher tar­get in place. The tar­get is R57.20, with fur­ther po­ten­tial to R58.20. It can there­fore be bought by short-term traders, who can take prof­its in that tar­get zone. But pro­tect your cap­i­tal by ex­it­ing if it closes be­low R48.20. Then, once the share trades up to R56.80, use what is called a “trail­ing stop”, by sell­ing if it breaks the low­est price of the past day. Colin Abrams is an in­de­pen­dent tech­ni­cal an­a­lyst. To sub­scribe to more rec­om­men­da­tions by the au­thor, or at­tend his cour­ses, go to www.the­mar­ket.co.za

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