Will Impala breakout?

After the rapid decline between middle February and middle March this year, Impala (IMP) more than doubled from its lows. The next movement for IMP will be significant, and it will determine the direction of the break out of the Descending Triangle. The share price has recently found strong support from its 21-day Exponential Moving Average (EMA), with primary support (R103.50) again holding up. A break and close above the 50-day EMA (at R106.70), could see IMP test its April highs of R125.50 again over the shorter-term. IMP has lost some of its momentum lately, but still finds itself in positive territory. The share price relative to the Palladium price in Rand is looking a lot better compared to levels seen at the end of 2019 and although not oversold anymore, still confirms a possible entry at current levels.

Also read our full report on Impala here: http://oldoak.co.za/wp/index.php/2020/05/08/get-to-know-your-jse-companies-impala-platinum-holdings-ltd-jse-imp/

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