VillageTraderZA

Trendline breakout on Amplats #BTFD

Long
JSE:AMS   ANGLO AMERICAN PLAT LTD
Weekly chart

The stock held the R1514 support, also holding the 50 day EMA . We could see the stock run to R2240 (+30%) from current levels. There’s a Head & Shoulders breakout on USDZAR signal potential ZAR weakness coming. Doesn’t hurt that the company is a good dividend payer and the balance sheet is quite strong.

Daily chart

We have a nice inverse H&S pattern as the stock holds the 200 day and 50 day EMAs. If the stock can break the neckline. I will start building my position, with a stop loss just below 200 day EMA at R1582.