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Anglo American Platinum Technical Take

Odwa Magwentshu
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Go Long Anglo American Platinum:

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 price 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 have 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 of yesterday, the price of the precious metal closed above $1000/Oz. Below is an estimate of the revenue that the company is anticipated to make, which is derived from external analysts that send their information to Bloomberg. Analysts have forecasted revenue of ZAR29.8B for the second half of the 2017 fiscal year. There is also 2.92 EPS (Earnings Per Share) still on the cards for the company, giving it a positive outlook for the remained of the fiscal year and the forecasted growth over 3 years. Additional information is the countries in which the company operates in, as well as the core of what the company produces.

Trade summary:

Long Anglo-American Platinum

Entry                   36000c

Stop loss            33400c

Target price        40200c

Revenue Estimate

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Remember... trade responsibly, your capital is at risk and trading can lead to capital losses.

Until next time, I wish you profitable trading.

 All charts & information sourced: Bloomberg

Odwa Magwentshu | Trading Specialist at GT247.com

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

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