SBSW at 10-moth range low that needs to hold
SBSW has undoubtedly been a very poor performer since the highs in March 2022, down 80%. However, as I see it, it has entered/formed a range from end of November 2023, where the low of $4 has been made, to a range high of $5.82, It is currently sitting at the range lows at $4.10. It has actually traded below the range low for a short time, but has quickly bounced back inside. Given that both platinum and palladium look to be bottoming and are showing some strength, I am expecting for this momentum to shift to SBSW as well. Gold is another good performer, which should affect SVBSW positively. I have therefore decided to start building a long position in SBSW at the $4.1 mark and will be targeting range highs at $5.8.
IMPORTANT: I understand I am buying an beaten down asset which is currently still downtrending on all high time frames (from 12h onwards), which is not the most bullish sign :)
I am therefore ready to cut my position, if we start closing below the $4 range low level. If this is the case, I am expecting a sweep of the $3.88 level, which was marked by the loan red candle, before the big reversal back in the beginning of March.
Lets see how things shape up...
Happy trading
IMPORTANT: I understand I am buying an beaten down asset which is currently still downtrending on all high time frames (from 12h onwards), which is not the most bullish sign :)
I am therefore ready to cut my position, if we start closing below the $4 range low level. If this is the case, I am expecting a sweep of the $3.88 level, which was marked by the loan red candle, before the big reversal back in the beginning of March.
Lets see how things shape up...
Happy trading
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