With the issues in South Africa ongoing, and the generally bullishness in the wider PM market (even if gold and silver are taking a breather here) this may be a good entry.
There has been a habit of lower highs and lower los since September when the initial PM bull run backed off a bit so a conservative target for XPT is around $950, more aggressively the $982 figure is also a possibility.
A stop at $860 or so is generous, but a tighter stop just under the 200 day moving average around $871 is also reasonable.
There has been a habit of lower highs and lower los since September when the initial PM bull run backed off a bit so a conservative target for XPT is around $950, more aggressively the $982 figure is also a possibility.
A stop at $860 or so is generous, but a tighter stop just under the 200 day moving average around $871 is also reasonable.
Comment:
Taking some of the trade off here as we've now moved slightly above the ATR. Moving the stop up too in case we reverse at the top of the channel.
Comment:
We seem to have bounced right off the top trend line, for now.
Depending on whether or not this fake trade news gets repudiated will probably be what's needed to drive higher.
Depending on whether or not this fake trade news gets repudiated will probably be what's needed to drive higher.
Trade closed: stop reached:
Possibly moved my stop up to high, but solid gains over three days or so all the same.
If platinum is to break higher, I'd wait to see it break above the top of the descending channel near 950 and test it as support before re-entering.
If platinum is to break higher, I'd wait to see it break above the top of the descending channel near 950 and test it as support before re-entering.