Thungela is running out of steam - Target R88.70

26 sty 2023

Thungela has formed a Large H&S cine May 2022
The price has broken below the neckline and seems to be dropping further.
200 >21> 7 - Bearish (Red)
RSI <50 Red and has formed a Bearish divergence.
However, the price is coming down with the RSI which confirms a bear market.
Target R88.70

General info.
Thungela Resources Ltd (formed in 2020 in JHB as a spin off from AGL (Anglo American)) is a South African mining company that is focused on the production of coal.
The company's primary focus is the mining of high-quality metallurgical coal (Production of steel) and thermal coal (Generate electricity).
You'll find their main operations are located in the Witbank coalfield, which is one of the largest coal-producing regions in South Africa. The mines include the Klipspruit, Mafube and New.