UK FTSE 100 Company Anglo America (AAL) is a new share I identified as a swimmer last week and since then the share has jumped nicely.
Reasons to buy
- New 52 week high
- Clear support line
- Long term weekly MACD crossed to green
A number of factors add up to this stock being one to hold onto for a little while and none of the indicators are suggesting anything else right now.
Looking at the weekly chart above the long term weekly MACD value at the foot of the chart show how last week it crossed over from red to green showing momentum to the upside. Take a look also at the RSI value, it is sat above the support line and well above the 69 level. Again this is a good sign of momentum.
Looking at the current share price its difficult to see what the next test is going to be and it clearly shows the share tried to pass over 1600 over around a 1 year period back in 2014. Its taken 3 years to come back to the same level and now its broken free. We’ll just have to see if 1600 can be the new support level for this share. Time will tell, for now I’m staying with this share.
These thoughts are my thoughts, feel free to let me know what you think!