Kumowizard
Long

Huge bullish flag?

FX:XPTUSD   Platinum/U.S. Dollar
110 4 3
I will go into details soon. But first the most important: if I am right, and there is a bull flag developing in Platinum             daily chart , the breakout would have very serious consequences. A flag break and bullish continuation could have a measured target of 1175-1200!!! Spot Price is ard 952 now (July futures trades ard 954,5)

Weekly:
- After the shorter term trendline was broken, price retested Kumo. This caused a weak bullish Tenkan/Kijun cross (two weeks ago) and turned the whole Ichimoku setup towards neutral.
- EWO moved back to zero from deep red -> neutral now.
- Heikin-Ashi has signalled some indecision in last three weeks: no higher highs, small body or doji candles and haDelta slipped back to zero. However so far this 3,5 weeks price action looks rather like a consolidation, not like a strong pull back with high momentum!
One more warning signal: haDelta/SMA3 may cross back up again! End of week will be very important!

Daily:
Here comes the interesting stuff.
- Ichimoku still has bullish bias, but since Price slipped back below Kijun, Chikou hit past candles and Kumo cloud shades price a bit ahead, it can be valued as neutral too. It would turn bullish again with a Price cross back above Kijun (26 days avg - red line)
- The Cloud is thick, which means there is a strong Kumo support below Price. Also 100WMA and Senkou B are quite far below price, should act as strong support at 920.
- But the most important is the Heikin-Ashi price action. There is quite some noise even with this filter, but the pattern is getting clearer! Platinum             may be building a big bullish flag! Bull flags have high chance to break on top side and extend into a massive bullish trend continuation!
Today candle is interesting: it had a slightly lower low than yesterday, but not lower than the 28/March local low. Meanwhile today candle also has an inside body, with a positive divergence and a cross up in haDelta/SMA3. This price action shows big fight between bulls and bears.

The decisive factors - what we need to look at:
-> haDelta/SMA3 has to come back above zero, suggesting increasing buying power and more bullish momentum
-> Candles should start print green bodies, optimally without lower wicks.
-> price should hit SAR             and break out above possible flag top!

I think Platinum             is a buy on dips, and has to be considered as a massive leveraged buy above 990-1000!

Flag breakout possible target would be 1180-1200! Finally have a look back a Weekly chart! Guess where the second major long term trendline comes in 26 weeks ahead? -> 1170+ :-)

p.s.: one question: does anybody have any idea why Platinum             price has been so much lower than Gold             price?

Related Ideas

skhosl02
7 months ago
Can you update your view on this? Platinum fell below gold because of the china fallout and emerging market fallout in industrial demand.
Reply
Kumowizard PRO skhosl02
7 months ago
Hi. As you see it broke out of flag, but 1000 horizontal blocked it again. Naturally with USD correction Platinum (XPTUSD) lost momentum too. The only question is how long this USD pull back will last.
As there was no follow through, I cut back my position at 996 yesterday. If we come lower to 960+, I'd probably look for buy signals again. Not just in Platinum, also in Silver.
My strategic gold position is unchanged. I wiill likely hold it, there I do not care any pull backs.
Reply
skhosl02 Kumowizard
7 months ago
I agree with you. Short platinum, long gold, flat silver. Check out palladium. Solid buy. Thanks for the info
Reply
AmitSankhe
7 months ago
Platinum looks sideways for now shall see the upward trend only on bull formation from here neutral for platinum....nearing toward a flattish trend.....small upsides in current quarter.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out