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Research Notes January 2026 > https://www.unum.capital/post/rjan2026

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Impala Platinum: Long term, multi-year holders of the share could consider reducing their portfolio positions as the price starts to enter a medium and long term overbought conditions. To further elaborate, reducing positions by say, 30%, while holding the remaining with a trailing stop. Long term momentum is bullish with the share breaking above multi-year resistance. A re-test of the prior multi-year highs at R350 (reached in 2008) is not out of the question.

Analyst's price Action Model

Long time clients of Unum Capital would recall IMP being a feature of our research in 2018, when the price traded at 1926c. At the time (18 September 2018), we presented a MONTHLY CHART view considering the price at the time as a multi-year turning point. Since then the share has returned 16x.

Impala Platinum Monthly Chart (Before, 18 September 2018)

Impala Platinum Monthly Chart (After)

Lester Davids

Senior Investment Analyst: Unum Capital