Johannesburg, South Africa — 03 January 2013 – Shares of world No. 4 platinum producer Aquarius Platinum have extended recent gains, adding over 7% in the first day of trade in 2013, although charts suggest the company is now overbought.
Fin24 reports that Aquarius is almost 7.5% higher at R7.93, making it the fifth biggest gainer on the JSE.
Aquarius has gained over 30% since late November when Nomura raised its rating on the company to “buy” from “neutral”, citing among other factors an expected rally in the price of the white metal because of supply concerns from strike-hit South Africa.
But the share’s 14-day RSI “’ a measure of momentum watched by technical analysts “’ is at the overbought level of 70, so further gains could be capped by technical factors.
Source: Fin24. For more information, click here.