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SBGL Trade Setup & Entry

SBGL (Sibanye Gold Ltd) offers an objective short here following the recent divergent high & break below this uptrend line. T1 (16.66) is the final target at this time although I may add additional targets depending on how the miners trade going forward.

SBGL daily Aug 19th

SBGL daily Aug 19th

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Aug 19, 2016 12:42pm|Categories: Completed Trades - Short, Gold & Commodities|Tags: |4 Comments

4 Comments

  1. Bullman87 August 25, 2016 7:11 am at 7:11 am

    Poised to hit the first target, any updates on further downside @rsotc?

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    • rsotc August 25, 2016 3:21 pm at 3:21 pm

      Bullman87- As you said, it came very close to T1 today then bounced when the sector bounced but moving back down once again. I still have a very high degree of confidence that T1 will be hit, most likely within the next few trading sessions & quite likely move even lower. Of course, that will depend largely on GDX taking another leg down & moving below today’s lows. My thoughts in more detail are in today’s video update on the metals & miners.

      Should the sector take another leg down, as I suspect, SBGL potential (but unofficial) targets are 14.16 then 11.65, if things get really ugly. G-luck on the trade!

      -RP

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  2. Gaucho August 26, 2016 3:00 pm at 3:00 pm

    Hi Randy, @rsotc

    Target T1 done, congrats!

    What do you think of the potential T2?

    Regards

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    • rsotc August 26, 2016 3:08 pm at 3:08 pm

      Gaucho – I think SBGL has a decent shot of making it down to that potential T2 that I had listed around the 11.40 level but I have since added another potential (unofficial) target which would be just above the 13.50 support level.

      I’ll update the SBGL trade on the front page as soon as I get a chance but I won’t extend the target as I can only do that in advance of a trade hitting the final target, which SBGL just did. I think I mention that 13.50 support/target in the last video but if not, I’ll mention it in the update on SBGL later in which I’ll re-categorize it from an Active Trade to a Completed Trade.

      Congrats to you as it sounds like you had the gumption to ride out that bounce in the miners. So far, that official short entry on GDX/NUGT/DUST earlier today came right around the end of that snap-rally, with GDX fading all of today’s earlier big gains & then some.

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