Northam Platinum about to crack down to R228?

126

📊 Quick Snapshot

🏭 PGM miner focused on platinum, palladium, and rhodium

🇿🇦 Operations based in South Africa

💰 Very sensitive to commodity cycles

🔻 Why Downside Is Likely

📉 Demand Is Weakening

Global growth is slowing, reducing demand for PGMs

🛢️ War Is Pushing Costs Up

Higher oil prices are increasing mining costs and squeezing margins

🌍 Macro Environment Is Soft

China and Europe are slowing, which weighs on commodities

📉 Technical Breakdown

A double top has formed, showing distribution

Price has broken support, and below 20MA

It's a Medium Probability trade due to the price NOT breaking below 200MA - YET!

🎯 The next downside target sits around 22,800

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