Northam Platinum - Reclaims supportNPH has reclaimed both its horizontal support (150) and blue TL support on the back of a stronger platinum price. We could see it push higher targeting the top of the range at around 197.
7JR trade ideas
Pair trade: Selling NPH vs Buying SSWNPH likely to underperform SSW.
A bearish trend is applicable below the 200-day simple moving average.
Increase pair exposure for a break below 3.9725.
The first target price is set at 3.8090.
The second target price is set at 3.6905.
Fading upside price momentum according to the MACD supports the trade idea (see the lower panel.
Northam Platinum on track to the target R145.18Head and Shoulders formed. We saw the price break below the neckline.
Things are looking great and the bearish signals are all confirmed.
Target remains at R145.18
Northam is showing downside to R145.18 while the markets rallyHead and Shoulders in the making for Northam PLatinum
Since it broke out of the downside and entered into a rising - sideways consolidation - the buyers have just not been able to keep the price up.
We are starting to see negative and bearish signs technically.
21>7 - Bearish
Price approaching 200MA
RSI<50 - Bearish
Target R145.18
CONCERNS:
The main concern is that global markets are flying, resource stocks are sky rocketing along with gold.
The January Effect alone pushed up the JSE ALSI 9% this month.
So we are seeing bullish signs, which could turn up Northam. But for now Northam is bearish.
NPH - 1D - NORTHAMPractically identical to the Harmony chart i just published. Head and Shoulders waiting breakout, MACD crossing over, 20- and 50-day EMA crossing over. First Target R232 and second target R268 if Head and Shoulders pattern plays out.
$JSENPH - Northam Platinum: A Cluster of Bullish ConvergencesNortham has been in the news lately with its arm wrestle with Impala Platinum $JSEIMP for control over Royal Bafokeng Platinum $JSERBP.
After a stellar from March 2020 at R49,88 to peaking at R279,19 in April 2021, the share price has been in a relatively sideways corrective pattern.
From an EWP perspective, this is a flat pattern labelled ABC.
The C wave unfolded in five waves which suggests that it is complete at R131,49.
To further add to my bullish sentiment is a cluster of bullish convergences on the MACD.
A break below R131,49 invalidates this short-term bullish outlook.
Northam Plats heading north to R221.18Inverse Cup and Handle on Northam Plats after an extended year of downside.
The MAs are almost perfect 7>21
But price is still below 200MA.
Target R221.18
Bullish
Regards
MATI Trader
Northam break or bounceJSE:NPH is at an area of value; the stock may either find support here or break lower. NYMEX:PL1! is weak, the chance of breaking lower is higher than that of a bounce. No position on platinum names at the moment.
Large Engulfing CandleA very large engulfing candle has formed on JSE:NPH . It has engulfed at least the last 6 candles which makes it a stronger signal. So I think we can expect an upward move from here.
NPH - ShortA bearish engulfing formed on JSE:NPH as well as the crossing down of the stochastic, MACD and EMAs. All of these are signs for a short position.
Morning Star on NPHA morning star pattern has formed on JSE:NPH over the last few days. If triggered, this could mean a move to the upsode.
AG Capital -Storm trading Morning Call 31 March 2022We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
Northam Platinum - Long positionJSE:NPH is showing signs of upward momentum. I will enter long if it breaks the 21100 level.
Northam PlatinumNortham Platinum: One of several ideas/technical insights posted to our client platform earlier this morning.
Remember my comment on the platinum sector on 20-September 2021: "Anglo Platinum down over R800 or -40% since March sell idea. "Tougher" to sell here, below 1300 (with bearish sentiment) than it was above R2100 (with bullish sentiment)."
Price rallied from that point and has since consolidated.
My comment/further idea on NPH this morning: "TRADING QUICKTAKE: Falling wedge technical formation and support between 50-618% Fib zone. 1st target 22745c, with upside gap at 23747c acts as a ‘stretch target’. BIAS: LONG".
Levels to be determine in real-time.
For more real-time insights/ideas, get in touch today.
@VillageTraderZA - Flat bullish flag after a golden crossWe have a golden cross and a flat bullish flag. This price action is also backed by the price action in platinum which is also showing signs of turning to the upside. If the market can break the R235 resistance that's a buy signal with a profit target at R275 and a stop loss just below the flag around R219. The stock broke down trendline resistance.
NPH rangeNPH held up well last few sessions and holding above its 200dma. It is trading sideways in a small range and if we going to see another leg higher in PGMs this one can rally further. First target can be around the R245 level.
Trade ideas are my own and not financial advice.
