Following a stellar performance over the last six to twelve 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 yesterday (12-03-2019)
– Double top formation
– A pending move of the Relative Strength Index ( RSI ) moving from overbought to oversold
– A bearish cross of the MACD
– The price is extended well above it’s 200-day moving average (MA), with the price being 103% above the MA.
In addition, a gap at 5503c exists.
I am looking for a move back to 5350c (take profit target), with the entry (short/sell) at current levels (6040c) and a stop-loss of 6380c.