4 weekly charts of Zijin Mining (2899.hk) showing it’s chart pattern develop from 13 July 2017 till present. Key features are: uptrend, new 52-week high, base-building evident, support from moving average roadmap.
This weekly chart of Zijin Mining (2899.hk) is an excellent example illustrating various technical analysis concepts: 1) Moving averages as a roadmap that provides direction, support. 2) Chart pattern reveals continuation (base building) or reversal. 3) Volume as an excellent companion of price movement.
Keeping an eye on gold miners Barrick Gold ABX, Newmont Mining NEM and Zijin Mining 2899. There is base building. We can see a base in each chart so this could lead to continuation.
Gold miners Barrick Gold and H-share Zijin Mining are at or near prominent support levels. Critical question: Has their current week-week downtrend ended yet?
Gold mining stocks Barrick Gold and Newmont Mining show bearish divergence by not following gold’s recent gains. These stocks were leading indicators of gold price in 2016.