The time may soon be arriving to take a dip into the badly beaten PGM boys. Looking at the Platinum price (USD), it is obvious just how much pressure the metal has been under. There is a technical support level fast approaching and I think that level is close to $890.00/oz. Price action suggests over-sold now in the short term so a bounce from that level should see the price attempt a run back up to the 50day moving average which (for now) is around $937.00.
This should support a bounce in local platinum stocks, assuming we don't get any currency shocks.
This should support a bounce in local platinum stocks, assuming we don't get any currency shocks.
Trade closed: target reached