EXTRACT FROM LARGER COMMENTARY “....We know that the long term supply level has been around R250 to R290. These levels were also relevant in 2007 and in 2011 (no coincidence). At current levels, the share is potentially breaking down from a 2-year topping structure. While these levels may be widely know, it's the lower panel that has piqued my interest. Flipping through my charts this morning here’s what I saw: Note the price distance vs the 200-w SMA has slipped below zero percent? This is a similar development to what we saw in September 2008 where the negative reading coincided with the start of a multi-year bearish trend. Yesterday we saw Northam holding back on their dividend which saw a strong intraday sell-off. Is this a read for the entire sector or is it confined to NPH who, along with IMP, is involved in some corporate action (re: RBP)...”