Pilbara ASX:PLS has corrected nearly 85% from all time highs since Dec/Jan18. Now it is sitting at the Fib 0.854 @ $0.485. How much more will it continue to be shorted? PLS is one of the most heavily shorted stock on the ASX by the way.
The previous bull flag took 69 weeks to complete. Although there might be no correlation but price-action is printing a similar...
Too early to tell but i am jumping the gun here. We need a close above 0.73 and a confirmation as well to be (more) sure. I do really like the forming of the bull flag in the weekly. In addition, there's a mini ascending triangle forming in the bull flag. Let's go!!!
Target : 0.89
Close below 0.65 invalidates this outlook.
Platinum price can reach 1000 level sooner according to my analysis.
All we need to get profit is to buy with good money management and hold it.
30% of platinum is used for Jewelry.
43% of platinum is used for automotive.
And other 27% is used for several purpose.
South African miners are the biggest source of platinum.
70% - South Africa
ASX:PLS We are pounding on the support line $0.865 the third time.
I am not confident that this support will hold, look for support around $0.81.
The TK cross last week above the clouds was a sign of an incoming bearish signal albeit a weak one. Yet the prices continue to fall and refused to close above the clouds for 2 consecutive days already. I believe that...
It seems like bulls have refused to push above and beyond 0.95. Bears are winning for now. The coming week, I expect a pullback to the 55 EMA highlighted in grey box.
If hell breaks lose, we will go down to the 100 day EMA also highlighted in grey box.
My weekly indicators are bearish and unless we break above 0.95, my bearish outlook remains. Chart will be...
The volume on Pilbara is declining. That can mean 2 things. Investors are holding it and waiting for a good sell entry, or when volume comes in, weak hands will be shaken off.
I am still hopeful for PLS to test the upper channel of the ascending triangle and hoping for a miracle to break upwards. But left side of the chart shows that an ascending triangle can...
Prices of PLS is now residing in the cloud. Last week 1D close has formed an ascending triangle.
If prices do not fall under the cloud, we should see PLS testing the top of the ascending triangle at $0.95 and hopefully, a breakout to $1.00 this week.
A few interesting points about XPTUSD and why it might be time to look at long positions:
1. 7-Year cycle in XPTUSD is bottoming out right now.
2. We are seeing a backtest of the initial breakout similar to what happened in 2000-2001
3. XPTUSD production is going to see major cutbacks moving forward from South Africa
4. Above ground stocks are winding down which...
Recent short term demand and a tentative l/t cyclical support calculated. However there is a lot of supply above and there is an outside possibility Platinum could see $1050 - 1000 zone. Stay light on the long side.