"Accumulate Near Prior Congestion; Short Back-Test of Breakdown"
Over the last few weeks, we have highlighted the PGM sector as vulnerable to downside, with both IMP and AMS flagged as having the potential for downside risk. Last week we presented our perspective on IMP’s monthly chart risk while the previous the daily chart was flagged with the potential price path from mid-April following our expected trajectory (highlighted on chart), and now having breached two incline support levels.
On the buy/long side, we would look to accumulate (provisional) at the prior congestion zone, which is between 21300c and 21700c.
On the sell/short side, the next rebound into the 26500c to 27200c range is a provisional distribution zone.
Over the last few weeks, we have highlighted the PGM sector as vulnerable to downside, with both IMP and AMS flagged as having the potential for downside risk. Last week we presented our perspective on IMP’s monthly chart risk while the previous the daily chart was flagged with the potential price path from mid-April following our expected trajectory (highlighted on chart), and now having breached two incline support levels.
On the buy/long side, we would look to accumulate (provisional) at the prior congestion zone, which is between 21300c and 21700c.
On the sell/short side, the next rebound into the 26500c to 27200c range is a provisional distribution zone.
