MarcoOlevano
Long

$JSENHM Northams - waiting for the break in order to enter

JSE:NHM   NORTHAM PLATINUM LTD
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3
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Northam Platinum has lagged the rest of the JSE Platinum sector by quite some way of late. We have seen strong rallies in both $JSEIMP as well as $JSEAMS but unfortunately $JSENHM has not followed. Interesting to note is that we are still trading within a flat top triangle which is normally bullish in nature. We need to see a convincing close above R42.35 - 42.50 on some decent volume to confirm the breakout. The pattern has a target of R51.50-R52.00. What is also interesting to note is some above-average volume in the last couple of sessions which could be telling us the smart money is getting ready to shoot the lights out in this counter. Let's wait for the close above the R42.50 level in order to confirm an entry here. Alternatively wait for a pull-back to the horizontal support @ 40.00, or even the uptrend support at R38 to preempt an entry on an eventual breakout,.
Comment: Just a quick update - breakout triggered on nhm
Comment: Trading working nicely after the breakout
Trade closed: target reached: Final target of R52.00 reached and trade closed
Good call Marco, these platinum shares have done well lately!
Reply
@cgd, Thanks bud, this was such a lagger, at long last working well! :)
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