Technical Trade Idea: Harmony Gold (HAR)

Technical Trade Idea: Harmony Gold (HAR)

After breaking above it’s long term, 200-day moving average, Harmony Gold has pulled back to re-test this level as well as the short term horizontal support in the range of R23.35 to R23.50.

This one-week pullback (from a high of R29.08) has been quite sharp and may offer an opportunity for short term traders to take a buy/long position in anticipation of a rebound off the 200-day MA, target the “gap” on the upside as well as the the prior breakdown level near R25.00, which from current levels, targets a 6.3% ungeared return before costs.

Trade levels:

Buy HAR at current levels R23.44 (or below 23.50)
Stop-loss: R23.15
Target Profit Target: R25.00

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