Based on the technical information on the chart above, the share price has broken above the resistance level at 36000c. The share price reached these levels towards the end of August this year and before this, the share price broke above the level in April this year and retraced below 36000c afterwards. Towards the end of January and the beginning of February, the share price struggled to close firmly above the level. In recent weeks, we have seen, both the platinum price and the Palladium price has been strengthening (which is the top two of the company’s main production).
The Palladium price has been performing well in recent weeks and as yesterday, the price of the precious metal and closed above $1000/Oz.
My Spar group Limited (SPP) trade that I put out on the 22nd of August has finally reached its first target price yesterday the 17th of October.
The price might retrace from the current levels as traders are taking profits but the longer-term view for Spar Group Limited (SPP) is looking good at this stage of the race.
I will be managing my stop loss from here if the price moves higher but at this stage I will keep it at 16344c.
Chart Source: Bloomberg