AGL - Short Term Scenario

Anglo American Plc | With all prospective opportunities, we always want to remain open-minded to potential moves. More importantly, we want to be prepared to take action based on potential setups. A review of the short term (daily) chart for AGL sees the price in an upward trend but encountering selective selling at the R415 to R418 level. This consolidation zone (Box #2) appears quite similar to the prior consolidation period (Box #1) where we saw a brief breakout of the consolidation range followed by a reversal candle and subsequently trend lower. Could this again be the case over the next few trading sessions for the share where a 'pop' above R420 is follow by a 'fade'? Alternatively, the 50-day EMA (currently at ~R387.00-R389.00) may provide an opportunity on the buy/long side.