Seasonal Bearishness for Platinum Begins..
Number of factors set to influence Platinum for the month of March:
- Double Top Resistance at $880
- RSI tag of +70 on the daily chart, momentum exhaustion
- Seasonal Bearishness starts end-Feb/early-March and completes until end-March/early-April
- Expiration of NYMEX April Futures Contracts, expected producer selling up until first notice day
- Continued excess supply concerns, secular low-prices, backlash on diesel emissions.
Short from $860, Take profit $770
- Double Top Resistance at $880
- RSI tag of +70 on the daily chart, momentum exhaustion
- Seasonal Bearishness starts end-Feb/early-March and completes until end-March/early-April
- Expiration of NYMEX April Futures Contracts, expected producer selling up until first notice day
- Continued excess supply concerns, secular low-prices, backlash on diesel emissions.
Short from $860, Take profit $770
Trade active:
So far, so good. XPTUSD already moving downward to $830. Still holding short, awaiting for profit target..
Trade active:
Still bearish with COT at another large short level. Moving target up to $800 TP.
Trade closed: target reached:
$800 target reached, closing short.