Sibanye-Stillwater (SBSW) — Huge Move Ahead? (Platinum Miner)

16 sept

Sibanye-Stillwater is one of the world’s largest producers of platinum, palladium, and rhodium. Read more on their website.

If you are bullish on platinum, this is a fantastic opportunity.

On the weekly chart we can see accumulation has been happening on high volume since it hit support in November 2023.

V-shaped recovery on high volume on the daily (for confirmation wait for current week to close above $4):


Also last week had the highest volume since 2017.

When comparing it with the platinum chart we can see it made very volatile moves in 2016 and 2021 and reached the top at around $20 when platinum did small rallies to $1150-1250 levels. Can you imagine what will happen if platinum makes a new all time high?


For additional confirmation wait for trend line breakout:


Conservative target is $20 but it can be much more if platinum makes new highs.

16 sept

Nota

Stopped at 0.786 so it's not exactly a V-shaped recovery I must say, at least yet. Volume and RSI are bullish, but for more confidence it's better to wait for either a full retracement or a retest and bounce from $4.

17 sept

Nota

Primary listing of this stock is on the Johannesburg Stock Exchange so it's a good idea to also look at it there. The ticker is JSE:SSW. The price is in South African rands and as far as I understand each SSW share is equivalent to 25 SBSW shares.

It is mostly the same the chart when adjusted for ZAR/USD exchange rate:


Ignoring the exchange rate, we can still see a similar picture with 330% potential to the all time high at around 8000 ZAR from the current price and then higher if platinum is bullish enough:


There are a few differences however, first of all notice that the volume is not as prominent compared to SBSW. There are a few huge spikes and record volume in November 2023 when it hit support, so it's still bullish, and on other weeks it's still high but mostly regular. We can think of it in the way that SBSW reveals additional bullish signals that are slightly less visible for traders looking only at SSW.

On the daily chart the recovery is also happening on high volume confirming what we see for SSW:


One more difference is that SSW looks slightly more bearish if we look at the closing prices of weekly candles:


It may be therefore better to wait for a weekly close above 1967 to get more confirmation.

Let's see how things will develop in the near future.

In general, whether you're trading this on JSE on NYSE, looking at both SSW and SBSW seems like a good idea to see if the charts confirm each other's signals.

17 sept

Nota

Palladium going up is also good for this stock!

18 sept

Nota

15 day candle just closed today. The almost-V-shaped recovery is equivalent to a bullish hammer on this time frame:

27 sept

Nota

100% retracement:

5 oct

Nota

Trendline breakout:

SSW breaks through resistance at 1967 ZAR:

5 oct

Nota

We now also have a higher high on the weekly chart.

10 oct

Nota

Breakout NOT confirmed, back to support. But the trendline is being challenged and getting weaker and there is no much space left there.

28 oct

Nota

Breakout on high volume.