$JSENPH - Northam Platinum: A Cluster of Bullish Convergences
Northam 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.
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.
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