It's time to bet on platinum

For almost two and a half years, JSE:AMS was stuck in a range of between R260 and R380, only once breaking out for a brief period.

In July of this year, however, the stock found good momentum, reaching a high of R500.37. It has since come off this high and is now offering traders a good entry point. Take a look at the above chart.

Firstly, note how Amplats is reacting to its 50-day EMA . It appears to be finding support at this level, which is a good indication that it could return to bullish momentum.

In addition, looking at the Slow Stochastic , JSE:AMS is somewhat oversold at these levels. For this reason I expect the share to turn to the upside.

Looking at the chart, I can't help but have a bullish view on Amplats and for this reason I will be going long on this stock.

Action: Place a Limit order to BUY at R460 with Stop Loss set at R425. I will aim to take profit at R495 and R520 respectively.

Margin: 13%
Gearing: 7.69x
Gain: +100.33%
Risk: -58.53%

Comment: Update:

Adjust SL to R475 to lock in a gain of 25.08%!
Comment: Update:

Adjust SL to R480 to lock in a gain of 33.44%!
Trade closed: stop reached: Trade now closed at adjusted SL of R480 for a final gain of 33.44%.
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