Impala Platinum - Short Term Bearish Reversal
Dear Trader
Following a stellar performance over the last six months, platinum shares appear to be in the early stages of a short term slowdown in upward momentum. Specifically, Impala Platinum is reflecting the following technical characteristics that suggest a short term bearish reversal is at hand.
- Bearish engulfing candle for today (12-03-2019)
- Double top formation
- A pending move of the Relative Strength Index (RSI) moving from overbought to oversold
- A pending bearish cross of the MACD
- The price is extended well above it's 200-day moving average, with the price being 117% above the moving average.
In addition, a gap at 5503c exists.
I am looking for a move back to 5250c, with the entry at current levels (5847c) and a stop-loss of 6100c.
IMP
Following a stellar performance over the last six months, platinum shares appear to be in the early stages of a short term slowdown in upward momentum. Specifically, Impala Platinum is reflecting the following technical characteristics that suggest a short term bearish reversal is at hand.
- Bearish engulfing candle for today (12-03-2019)
- Double top formation
- A pending move of the Relative Strength Index (RSI) moving from overbought to oversold
- A pending bearish cross of the MACD
- The price is extended well above it's 200-day moving average, with the price being 117% above the moving average.
In addition, a gap at 5503c exists.
I am looking for a move back to 5250c, with the entry at current levels (5847c) and a stop-loss of 6100c.
IMP
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