Impala Platinum: In a Potential Reversal Zone
If platinum miners are showing strength then we can expect Impala to join the bandwagon, in that case we look at weekly trend being confirmed through the following:
1. Closing above the blue line means we are in a new weekly cycle meaning higher for longer.
2. Closing above the green line means we are in a new yearly cycle, the dashed purple line becomes a magnet.
For now we watch & wait for confirmation, more risk accepting investors can buy on the swing low confirmation while less risk accepting can wait for a close above the blue trendline.
1. Closing above the blue line means we are in a new weekly cycle meaning higher for longer.
2. Closing above the green line means we are in a new yearly cycle, the dashed purple line becomes a magnet.
For now we watch & wait for confirmation, more risk accepting investors can buy on the swing low confirmation while less risk accepting can wait for a close above the blue trendline.
Comment:
IMP is yet to meet the criteria for entry, price approaching the pink support line, we will see how it reacts there.
Comment:
IMP has had a swing low on the weekly, next objective is closing above the blue line.
Comment:
Like Angloplat, Impala is deep in the red seeking for a yearly cycle low, when the turn comes, this will rally hard given that the 10 Moving Average is some 80% above current price.