Looks like two of my favourites are gaining a upside movement again. All be it in light of the nice 1000 point Topi surge today, but on TA these look ready to re-test IMP 215 and AMS 800, however the week is young and maybe a little optimism before claming down again. So conservative i would look at IMP 203-205 and AMS 770-785. From there i will re-look at my existing longs again and decide.
An 8% daily move will almost always encounter a pullback. If you now get any price action after today's pullback - by that i mean a gap up tomorrow, an engulfing candle, inverted hammer, or any other classic TA signals, then you will battle hard to find a stronger entry signal. Especially when you look at the rand price of platinum averaged over the last 180 days, which testifies to the average price IMP and AMS have been receiving. My preference is IMP, which has lower production costs, a cheaper PE (albeit at 50times vs AMS' 200 times) and no recent share dilution (unlike AMS). The market seems to favour AMS slightly though, ours not to reason why!
yip, but one of my own personal golden rules is that I need to have some reasonable explanation (or expectation) for a shareprice move. this invariably means higher plat prices, or earnings anouncements, analyst reratings, extremely low PE's or something, i don't care what. It is one of my litmus tests before entering a trade. That, for example, is why i intend waiting for a short setup on Harmony, rather than going long right now.
Well IMP reached my targets and I am out. I have a few niggling itches saying it will retest that 190-193 mark again before heading up. AMS sitting at deciding point as well. So I will sit and watch as I lament why I did not make more than the 20% profit I took in 2 days..... ;-0