You might be wondering where that channel came from. Well I looked at 40 years of historical platinum prices and that's the channel that is formed. So not only is XPT sitting on the support it has established for 15 years making a bear flag, it it is breaking it's supply/demand channel that it took 40 years to establish.
Breaking this long term support and even...
Platinum has been trading within a bullish Megaphone pattern on 1W that is has now completed its bearish leg and is consolidating on the Higher Low zone (RSI = 45.796). We are expecting this consolidating to form the 1D Support for the next bullish leg towards the next Higher High. This is calculated to be around +18/19% from the current levels based on a +8%...
Not financial advice. I’m not a financial advisor. I’m learning to trade. Learn to trade!
Looking like confirmation of a breakdown from bear pennant. Target @ the 755 region
Possibility of a pullback to pattern apex with moving averages above as resistance
I will be selling the XPT/ZAR if prices breach below the R11 550 price. Currently, prices are moving in a downtrend, g=forming a series of lower highs and lower lows and bear flags. If we see the corrective structure being breached to the downside, we will get our confirmation for a short trade.
Worth keeping an eye on this.
Might be a classic false-break - but structure wise, we are in a falling wedge, which usually goes up.
Historical support and resistance suggests it will go up - could be 25-50% gains.
Pattern: 1D Head and Shoulders.
Signal: Bullish as the price has touched the Support of the neckline. Potential rebound towards the Resistance but tight trade due to the bearish momentum.
Target: 870.00 (top of the neckline and symmetrical Resistance).