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...
Given the price action in the USD dollar index ($DXY), we can expect downward pressure on precious metals, Platinum already has a failed daily cycle, meaning the platinum miners will follow. Impala has found support on the 200DMA which will attract traders.
As can be seen, price fell out of a rising wedge (bearish), so the bounce in price has can either:
1. Rise...
Commodities stocks have been smashed thanks to a stronger Dollar and the pain does not seem to be over. Impala broke some key levels of support and just when we holed there might be some support at around 116,90 - that level gave way too! Going forward, although looking more like panic selling and possibly oversold in the short run, the next level of serious...
A quick update on the last analysis posted 30.06.2023, link below.
Wave (C) is now in its 5th and final wave.
As to how low can price can go is anyone's guess but my first target is 10000.
I am not a fan of shorting fifth waves but in commodity stocks they can be very strong moves.
Broadening Formation (Megaphone) has formed on the daily,
The indicators are all showing bearish but I can't help but feel that the breakout will be up.
Regardless, price action is saying the following
Trend direction down
7 < 21 < 200
RSI =50
Bearish
So, once we get a breakout we will know exactly what to do.
I have taken some time to come up with long-term wave count of Impala Platinum.
PGMs on the JSE have taken a beating of late and many industry commentators are saying now is the right time to buy as these stocks are very cheap.
Well, I have to caution that Impala might still get even cheaper.
Looking at the chart from August 2018, which is the bottom of the great...
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.
EXTRACT FROM LARGER COMMENTARY “....We know that the long term supply level has been around R250 to R290. These levels were also relevant in 2007 and in 2011 (no coincidence). At current levels, the share is potentially breaking down from a 2-year topping structure. While these levels may be widely know, it's the lower panel that has piqued my interest. Flipping...
Extract from a note published earlier today.
Over the years, I have done well to call the direction of Impala Platinum (IMP), most of which has been to help our clients and followers of my work identify key levels and understand the prevailing reward-to-risk.
While I’ve also had several short term (CFD) trade ideas for our active traders, I will focus on the...
A bearish engulfing formed on JSE:IMP two days ago. The short position was triggered yesterday and it is looking good so far. The target lines up nicely with the low on the 15th of July 2022.
Buyers seem to hold the support of the uptresnd support. TO make a higher low. With a Doji close yesterday. The stochastic indicates the stock is over sold. Plus we had a tiny bullish diververce. Indicating that perhaps the low of the move is in. My short term target is R235
From today's pre-market research (as at Friday's close). Data is subject to change.
I'll be publishing this on a weekly basis or on request.
For more research insights, including data and trade ideas, get in touch today.
TradeFinder: Summary of Ratings
The ratings for large caps as at the last close (Friday, 27 January 2023).
Please note, data is subject to change and is applicable to traders with a short term/active trading view.
For more of these research insights (including trade ideas and the full data set), get in touch today.
TradeFinder: Summary of Ratings
The ratings for large caps as at yesterday's close (Thursday, 26 January 2023).
Please note, data is subject to change and is applicable to traders with a short term/active trading view.
For more of these research insights (including trade ideas and the full data set), get in touch today.
This insight was published on our client platform yesterday evening. For more of these research insights (including trade ideas), get in touch today.
Sector of The Week: Platinum & Precious Metals
The relative trend is down, with the sector near a 3-year low versus the market. Considering the momentum readings, the 14-day RSI shows strong momentum to the...
