wardjm

Platinum at key level

NYMEX:PL1!   Platinum Futures
Platinum             "broke" its down trend recently, but it had a dramatic 2 day pullback to the base of the breakout. It is unclear whether the recent upswing was just a mildly longer pullback (see figure for pullback amounts) which will result in another drop in price or whether this is profit taking from the recent upswing.

A break below 930 indicates a continuation of the downtrend. A bounce off the 943 level indicates a new uptrend. These are confirmation signals, but what if you want to enter the trade sooner? See below.

What type of trader are you?

1. The 976 level could be a "loose" neckline (it could be drawn lower of course) to a head and shoulders pattern that had an absurdly abbreviated right shoulder (excellent short signal!)

2. Since the breakout coincided with both the 200 day EMA and the previous low of the downtrend, there is expected to be hard resistance and a pullback before a solid breakout (go long!).
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