JSE:AMS has been trading in a downward trend since March this year. For basically the whole month of July, it made a retracement all the way up to the 61.8 Fib level. It then went down again to form lower lows. It is currently bouncing off a very strong support level and is looking like it will make a retracement again before continuing downwards. My prediction...
AMS now down by over R800 or -40% from my 'portfolio SELL idea' on 21 March 2021.
My comment at the time (via my research and the original attached idea) was as follows:
"Anglo American Platinum ( AMS , 211542c ) |Long Term Overextended To The Upside | If you've held this name in a long term portfolio for the last 5 years, should you be selling? Yes. From...
If interpreted correctly , monthly charts could assist a trader, portfolio manager or analyst by providing a powerful perspective of the instrument being reviewed. Unfortunately, the time frame itself (monthly) leads many traders to believe that it is not useful, Personally I have found the monthly chart to be the most powerful when performing analysis. Of course,...
- AMS finished the month with a bullish 2-UP candle, next level of interest at T1 then T2 if we can capture that level
- Support found at previous resistance zone
- Large upcoming dividend
- Long bias while we above R1700
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
JSE:AMS
Weekly chart
The stock held the R1514 support, also holding the 50 day EMA. We could see the stock run to R2240 (+30%) from current levels. There’s a Head & Shoulders breakout on USDZAR signal potential ZAR weakness coming. Doesn’t hurt that the company is a good dividend payer and the balance sheet is quite strong.
Daily chart
We have a nice inverse H&S...
We noted in our research at the top of the week that PGMs were attempting a recovery.
AMS: Short term traders should be looking to scale out even further here. Bank the remaining 30% for +14%.
AMS is now +R138 (or +8.9%) from our most recent Buy/Long call 8 days ago (22-June), see related.
The share has reclaimed line 1_2 and line A_B, which was part of our 2-tier view. For now, it looks like it wants to continue going, possibly to that R1725 area. Trail your stop.
Overall, the sector has been trying to base and in some cases is trying to move out...
JSE:AMS is looking good for a long position based off of our 3 momentum indicators. It has also recently found support and bounced nicely off of the 200SMA. I think we could see a nice upward move to at least the 180000 level and if it doesn't find resistance there and breaks through it could go all the way to around the 200000 level.
- Pre-market Tactical Perspective:"Aggressive Selling, Wait For Lower Time Frames To Stabilize"
- Both the 7 and 14-day RSI is extremely oversold, with the share having declined from above R2250 to the last close and R1529, which is also the lowest level since February.
- It's possible that the swing support of 28 January to 04 February is held (R1480-R1510).
-...
I consider the MONTHLY CHART to be the most underutilized time frame in technical analysis, with the time frame acting a strong guide for the second time in 18-months, helping me avoid declines of 65% and 26% respectively (see the two related ideas).
AMS is approaching our latest short/sell target of R1500 (-26%), from the 21-March note at R2115. As noted in my...
Price currently testing the 200dma which is psychologically the last 'defense line' to keep an uptrend intact.
There is also a bull flag like technical structure which if broken may take prices higher.
As mentioned on SAT 21/03 (for my note of 23/04), if you've held AMS in a long term portfolio for more than 5 years, then you need to consider selling. So far, we have seen the price weaken quite nicely from above 2200 to 1870. Also note, the analysis was based off the monthly chart. The gains have been great but it may be time to take your profits.
21/03 Idea...
The EMA's on JSE:AMS have finally crossed downwards after the stochastic and MACD have been showing downward momentum for some time. It might struggle a bit at the 200000 level, but if it breaks through that, I think we could potentially see it go to around the 180000 support level.
Anglo American Platinum Ltd. is a holding company, which engages in the supply of platinum group metals. The firm specializes in mined, recycled, and traded metal which include palladium, platinum, rhodium, ruthenium, iridium, and osmium. The company was founded on July 13, 1946 and is headquartered in Johannesburg, South Africa.
JSE
