After studying market on the Monthly (1M) view I strongly believe Platinum has bottomed out and headed up with indication of trend reversal to follow in the coming weeks. Last time the market hit this low was in 2008, however, came quite close in 2016. I highly doubt there will be much further downtrend below 760.99 but I do remain prepared for such a possibility.
Price target to bottom out reached;
1st horizontal line in yellow - 803.58
2nd horizontal line in yellow - 760.99
Further downtrend & not so likely in my opinion;
3rd yellow line 596.34
4th yellow line 403.37
Please study your indicators understand some, as they would help you determine a suitable entry point. use lower timeframe views such, Weekly and Daily view for a suitable entry point to go uptrend.
Also, do set stop losses but be generous with how much room you allow for this due to candle wicks and there is also the possibility to hedge yourself, for more confident traders.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
Price target to bottom out reached;
1st horizontal line in yellow - 803.58
2nd horizontal line in yellow - 760.99
Further downtrend & not so likely in my opinion;
3rd yellow line 596.34
4th yellow line 403.37
Please study your indicators understand some, as they would help you determine a suitable entry point. use lower timeframe views such, Weekly and Daily view for a suitable entry point to go uptrend.
Also, do set stop losses but be generous with how much room you allow for this due to candle wicks and there is also the possibility to hedge yourself, for more confident traders.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
Comment:
Looks like all is going according to plan, here is an updated chart showing market now in up trend.
