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We enter if a retracement to 827, target 925
Precious metal market is possibly set for bull run
Platinum, also known by the nickname "Rich's Man Gold" hit strong support level that caused major trend reversal in 2008 (demand zone) as well as 1.618 Fibonacci extension based on prior wave down below the crucial support. On the daily TF it can be seen that potential inverted head and shoulders pattern has formed or is in the process of forming - aka bullish set ...
This is a plan set for 30 years not for daily scalping.
Platinum has made new higher highs with confluence of breaching a flip zone.
OI going up with price, since it touched its overall minimum, lower than Jan 2016
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
11% - ...
can't go wrong?
Anyone familiar with the Commitment of Traders Report knows that the commercials have reached an extreme range that leaves much room for rising prices. Added to this is that the chart image with the recently formed double bottom looks bullish.
This is what a trade might look like:
- Entry immediately
- Stop Loss below the last local low
- Take profit with multiple ...
I'm new to commodities and relatively new to Technical Analysis. No associated fundamental Analysis has been undertaken on Platinum.
This analysis is shared simply to further my own education and hopefully someone will appreciate it.
If Platinum passes resistance level of 910 new trend might pick up towards 950 - 1000 with new support level.
If finds resistance at 910 will go down towards 900.
Platinum is trading on a long term 1W Channel Down (Highs/Lows = -12.1143, B/BP = -36.7780, MACD = -13.210) that started off in late January and has just priced the latest Lower High near 915. With 4H neutral (RSI = 50.443, Williams = -46.789) around the blue line, we expect the decline to a new Lower Low to start soon. The TP is at least the previous Lower Low at ...
It's rare for Platinum to fall below the price of Palladium. Perhaps a Platinum buy opportunity
Possible Wolfe Wave on watch.
Bottom fishing and trend fight for this high risk but possible high reward pattern.
This week the COT report for Platinum has a interesting story to tell. Please click here. https://www.screencast.com/t/hgzFGyXNB
This is a 4 month view of Commercial activity in Platinum Futures. Factoring in a weighting and volatility component, we measure participant positioning and activity and then score this on a 18 month and 5yr basis. This is reflected as ...
NOTES ON THE CHART
Chart looks good. Heaviest Volume profile is sitting in the range where it is being traded rn. BB bands are looking towards a squeeze. I'm in.
Push above 930 on weekly candle for run to 1000