Technical Take: Impala Platinum (IMP) & Woolworths Holdings (WHL)
1. IMPALA PLATINUM HOLDINGS LTD (IMP)
I have been keeping my eye on IMPALA PLATINUM HOLDINGS LTD (IMP) for a while now. The price has been running in a sideways channel since middle May 2017. On Friday 4th of August I finally got a confirmation to place a long trade as the price broke out of the downward resistance line shown in graph as dotted red line.Trade summary:
Direction Buy (Long)
- Entry: 3962c
- Stop Loss: 3500c
- Target Price 1: 4156c
- Target Price 2: 4466c
.png?width=582&name=Impalachart(7aug17).png)
Source: Bloomberg
2. Woolworths Holdings (WHL)
I noticed that an inverse head and shoulders has formed on the daily time frame and it looks like a good confirmation of trend reversal, so I am looking to Buy (Long) Woolworths Holdings Ltd (WHL). I will enter the trade today at 6427c and look to keep the trade open for this current short term up trend to my first target price of 6671c.
Trade Summary:
Direction Buy (Long)
- Entry: 6427c
- Stop Loss: 6241c
- Target Price 1: 6671c
- Target Price 2: 6874c
.png?width=583&height=359&name=WoolWorths(7aug17).png)
Source: Bloomberg
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Read more notesby Barry HERE.
