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Technical Take - Impala Platinum (IMP) & Woolworths (WHL)

7 August 2017 / Technical Takes Posted by: Barry Dumas
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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

Impalachart(7aug17).pngSource: 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

WoolWorths(7aug17).pngSource: 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.

 
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Barry Dumas | Trading Specialist at GT247.com
 

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