| 3 Materials Stocks Starting 2016 With Huge Keltner Breakouts | |
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While most technical stock traders are aware of the popular Bollinger Bands metric, a similar tool used to assess momentum and changes in market trend is the Keltner Channel. While Bollinger Bands are standard deviation bands enveloping a simple moving average, Keltner Channels are multiples (usually 2x) of the Average True Range (ATR) of a stock enveloping an exponential moving average (usually 20-day EMA).
Traders often watch for breakouts above the upper Keltner band as a sign of bullish short-term technical momentum. After a rough year in 2015, here are three materials stocks that are starting off 2016 with a Keltner Channel breakout bang.
General Steel Holdings Inc (NYSE: GSI)
Through Christmas Day, General Steel had booked a more than 75 percent drop in 2015. However, the stock has since spiked on massive volume, and a 105.7 percent boom on the first trading day of 2016 sent the stock plowing through its upper Keltner band. Shareholders are watching for the stock to settle back into the $3-4 range it traded within from June until the end of October.
Harmony Gold Mining Co. (ADR) (NYSE: HMY)
Like many gold miners, Harmony was hit hard in 2015 but has gotten a boost following the Federal Reserve’s decision to raise interest rates. A more than 14.3 percent gain to start off 2016 pushed the share price above the upper Keltner band and into bullish territory to start the year.
Related Link: This Hedge Fund Manager's Worst Ideas For 2016 May Surprise You
DRDGOLD Ltd. (ADR) Ltd. (ADR) (NYSE: DRD)
DRDGOLD is another gold stock that has started off 2016 on a positive note with a 6.0 percent gain putting it above its upper Keltner band. If the bullish move continues, the stock likely faces technical resistance at the $1.85 level that represents the October high.
Disclosure: the author holds no position in the stocks mentioned.
See more from Benzinga © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Harmony Gold Mining Ltd
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PRODUCER |
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CODE : HMY |
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ISIN : US4132163001 |
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ProfileMarket
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Asset profileContact Cpy |
Harmony Gold is a gold producing company based in South africa. Harmony Gold develops gold and silver in Papua New Guinea and in South Africa, and holds various exploration projects in South Africa. Its main assets in production are RANDFONTEIN UG, HARMONY 2, KALGOLD, TARGET, ELANDSKRAAL UG OPERATING SHAFT, TSHEPONG, EVANDER - 2, 3 & 5, ELANDSRAND, ELANDSKRAAL, JOEL MINE, WELKOM, EVANDER, EVANDER - MINE ON CARE, EVANDER PROJECTS BELOW INFRASTRUCTURE-EVANDER SOUTH, EVANDER STOCKPILE, BAMBANANI, PHAKISA, FREE GOLD WEST, ST HELENA, JOEL, FREE GOLD SHAFT CARE & MAINTENANCE, FREE GOLD STOCKPILE, RANDFONTEIN SURFACE STOCKPILE, ELANDSKRAAL - DEELKRAAL UG SHAFT ON CARE, ORKNEY UG OPERATING SHAFT, ORKNEY UG SHAFTS ON CARE, MERRIESPRUIT 1, MERRIESPRUIT 3, UNISEL, BRAND 3, MASIMONG, MINES ON CARE-FREE STATE, EVANDER 7, EVANDER 8, EVANDER PROJECT BELOW INFRASTRUCTURE ROLSPRUIT, EVANDER PROJECTS BELOW INFRASTRUCTURE POPLAR, EVANDER OPERATIONS, RANDFONTEIN OPERATIONS, PAMODZI (FREE STATE), DOORNKOP, EVANDER (BELOW INFRASTRUCTURE), NYALA and FREE GOLD in South Africa, HAMATA and WAFI in Papua New Guinea and SOUTH KAL MINES, UNION REEFS, BENDIGO and HIDDEN VALLEY in Australia, its main assets in development are HIDDEN VALLEY & KAVEROI in Papua New Guinea and BLOEMHOEK in South Africa and its main exploration properties are VIRGINIA OPERATIONS, PHOENIX, FREE STATE SURFACE and MIDDELVLEI in South Africa and GOLPU and NAMBONGA in Papua New Guinea. Harmony Gold is listed in France, in Germany, in United Kingdom and in United States of America. Its market capitalisation is US$ 4.1 billions as of today (€ 3.8 billions). Its stock quote reached its highest recent level on July 27, 2012 at US$ 9.99, and its lowest recent point on November 20, 2015 at US$ 0.53. Harmony Gold has 439 960 000 shares outstanding. |