Implats has been on a downtrend for years.
Recently it's formed a falling Wedge. But it looks like the support level remains to be very strong for the bulls.
The price is back to the top of the channel and now we need a strong breakout.
The PLatinum market is looking bullish and if it follows through it will send many companies up. But we need that...
Impala Platinum has clearly been moving in a down channel.
It's failed to break the support level at R72.29.
This means, we could be getting some buying momentum and demand, which will drive the price up.
I would wait for a solid breakout above the channel, which will signal a more promising buy.
Then my next target will be R128.76
To think that in January 2023, IMplats was trading at R235.52.
Today, in November we're looking at R73.12.
And yet, it's been an imperceptible downward journey, that even I am too embarassed to realise today.
Hindsight is a Biscuit!
Well anyway, the new downward channel is showing more downside to come with volatile (jumpy) highs and lows which can easily...
JSE:IMP is at a multi-year area of value. This is supposed to be a support level, I wonder how long can it hold. If it fails the stock will have a rough ride.
No position.
Cup and Handle has formed on Implats. The price has broken out and is meandering sideways before the next move up.
Platinum companies as well as the precious metal is setting itself for great upside as investors and instiutions are piling their funds into the metal as a form of safe haven... We are going old school right now where the old ways work better than...
