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Aquarius rallies despite overbought alert

Jan 02 2013 12:32
Reuters
Johannesburg - Shares of world No 4 platinum producer Aquarius [JSE:AQP] extended recent gains, adding over 7% in the first day of trade in 2013 though charts suggest the company is now overbought.

Aquarius is almost 7.5% higher at R7.93, making it the fifth biggest gainer on Johannesburg's bourse.

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. 

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