Sibanye has had its fair share of hardships this year, but it seems that the miner’s share price might just be set for a turn around.
We have seen the share price move lower over the year with it currently consolidating in a sideways channel. Technically we might see the price break out higher from the consolidation period and it is currently trending above the 50-day simple moving average.
In this note please find my trade summary and technical chart.
Looking at the chart of Sibanye – Stillwater (SGL)
We can see the price action moving sideways, with the lows of July acting as the current support base of the sideways channel around 684c per share. The price is moving higher ever so slightly so we need to see a close above the resistance line of the channel around 1000c per share to go long.
Trade: Sibanye-Stillwater (SGL)
- Entry (Buy): 1010c
- Stop loss: 836c
- Target price: 1170c
Chart Source: Bloomberg
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