Palladium is starting to pique my interest. After retreating from as high as $3000 at the peak in April 21' - the commodity is now down 65% and reaching interesting long term levels. Firstly the current level at approximately $1025 is where palladium peaked as far as back in January 01' - almost 22 years ago. If this becomes a point of polarity, the previous...
Head 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
Head 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...
Inverse 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
JSE: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.
A 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.
The stochastic, MACD and the 2 EMA's have all turned downward on JSE:NHM - all signaling a short position. It has, however, been in an uptrend since end of Jan, so we might only see a retracement before a continuation upward. If it does go down, I dont think it will go much further than the support area around 23000.
JSE:NHM formed a doji candle at a support level two days ago and is looking like it is heading upwards with some momentum. If it continues upwards, I will consider a long position with a potential target just above the 19000 level.
