UPDATE Thungela continues its downside to R88.70 with a new H&S

Large H&S formed since since May 2022. The price broke below the neckline and since then it's been on a one way trajectory.

That was until it reached R123.96 in May 2023... THe price since then has consolidated in a sideways manner and has formed yet another Head and Shoulders.

With the price breaking below its neckline, we are seeing further signs of downside to come.

And the target remains EXACTLY at R88.70.

ABOUT THE COMPANY:

Company Background:
Thungela Resources Limited is a South African coal mining company.

Spin-Off from Anglo American:
Thungela was spun off from Anglo American Plc, a global mining company, in June 2021.

Thungela primarily focuses on coal mining operations.

The company's main products are related to coal production, including different grades of coal that are used for various purposes such as energy generation, industrial processes, and export.