HMY (Harmony Gold Mining Co.) is one of the top picks in the mining sector that were added to the Live Charts page a few months ago around the time the sector bottomed. After recently hitting the third profit target a couple of weeks ago, HMY reversed and has now pulled back to the former T1 level, which is now support (see daily chart). Zooming down to the 60 minute time frame, we can see that HMY is approaching the bottom of the Feb 14th gap which is also the top of a thin zone on the volume at price histogram (horizontal red & green bars). Additionally, the 50% Fibonacci retracement level of the powerful run off the Dec lows in HMY to the recently March 14th highs lies just below the bottom of the small support zone that runs from about 3.10-3.15. Essentially, this gives HMY a cluster of support around current levels & increased the odds of a reaction. I would give slight odds to a reversal here vs. my alternative scenario which would have prices continuing lower towards the bottom of that thin zone (2.90-2.95 area) before any meaningful bounce.
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HMY 60 minute March 26th
