Miners Trapped

[john_1]

Dinner credit can not be redeamed for cash...

[#2]

Hey Simon; according to NUM, Gold industry workers salaries (range between R3600-R4200 per month. After deductions, though, the highest paid take home R3200. Industry uses centralised bargaining, so all mines pay the same wage. PS - NUM says 800 men now outa the ground.

[john_1]

They recon all out by 3pm.

[SimonPB]

john, no worries - cash not the plan ...

preston, paid. no mon I have an airport fetish and do this for free so I can have 3 four hour waits a week at various of ACSA's finest ...

[#5]

Simon...dont forget to do their sms customer satisfaction survey....we run that system for them....I see SBK still uses Markinor...time to enter the technology era....

[Russ]

Chartist,do you think HAR completed its retracement yet?Should one get in at these levels?

[#7]

no I dont think it has...it has completed the 61.8% rally from its recent lows...unless we see this level breached HAR is technically not a buy.....what I was doing when I bought HAR was buying on a retracement ...if HAR was showing strenght while penetrating the 61.8% level I would have stayed long but it showed all the signs of rolling over as we got there...remember we are in a secular bear market with the golds as well as a current downtrend and you have to have a very different approach when trading these.....you need to be a bear buying rallies...does this make sense?

[john_1]

Simple answer short it or leave it.

[Russ]

Thanks,I'll digest that.

[asylum]

if HAR was showing strenght while penetrating the 61.8% level I would have stayed long. Now Chartist what would you look at to determine if there was strenght while the share price was penetrating. Volume?????

[john_1]

Russ digest this...Gold miner Harmony grew from a small company with about 60 000 ounces in production in 1996 to the world's fifth largest gold miner producing 2.4m ounces under Swanepoel's watch. The company's share price has increased by 48% since its 1996 peak of R53,50, compared to a 450% increase in the JSE All Share Index since then.

[Russ]

Thanks Chartist and John.Now does anyone have a Rennies?

[#13]

yes Asylum...volume would be one and the price action usually does a funny thing....you can only pick this up by watching the tape but something you can look out for is a intraday penetration beyond the 61.8% level end then a close below it....if we then get another close below the close of the previous day its tickets...I was lucky as I just got a feeling with HAR and I sold on that intraday spike...not very technical and disciplined I know but then these are gold shares

[#14]

Asylum, those figures for HAR are an intraday high of 8896, low of 8209 and a close of 8342 with the 61.8% level being 8559 so we closed well below that level despite moving quite a bit above it during the day...that was on 21 Sept...I can mail you a chart if you like....

[platsak]

Chartist whats your feeling on this share today?. Looks like everyone is out safely except me still stuck with this share.

[asylum]

Hi Chartist if i understand this correctly because Har closed below the 61.8 retrace level on intraday charts thats an indication of bearish sentiments, what is the level of accuracy. Where can one get intraday charts would like to plot some charts to see how often this works. You can mail me at [email protected] thanks

[Project_Directo]

Think i heard them say they HAR were looking to dump the PAP NEW G PROJECTs, these assets are in very remote areas and would take a huge ramp up of cash.Might be the right time to bail out.omo

[Zirk]

TA from psgonline this morning for what its worth. "The share price of Harmony (HAR) is trading below its 7&15-day moving averages and the trend is turning bearish. The MACD indicator has crossed below its zero line into oversold territory to give an early bearish signal. The Volume Price Trend (VPT) indicator is trading below its 5-day moving average and shows continued volume distribution, which is also bearish. The Relative Strength indicator is trading below its moving averages and shows that the trend is downwards or market underperforming relative to the JSE Overall Index" I don't know the timeframe they are looking at. Gold price was up overnight Approx 737 now 734.98 Rand stronger at 6.88 OMO. Still learning appreciate comments.

[Zirk]

Sorry, forgot to add contrarian view. HAR did great rescue job. Must count for something right?