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Platinum Futures (Jun 2019)

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PLM2019 trade ideas

Platinum - a new 🐂 marketThe Bear market in Platinum characterised by a 15 year downtrend in a Descending triangle formation has broken out a second time (first being a headfake) coupled with the severe historical undervaluation when comparing against M2 strengthens the idea of a renewed bull market past $3000 over the next 3-5 years if historical bull markets are anything to go by. Platinum is currently being considered as one of the primary metals in assisting chemical reactions taking place in EV vehicles in order to increase efficiency; a desperate state of affairs despite it being touted as Green Energy; heavy demand could ironically come from this market which was seen as a deflationary force on Platinum. For these reasons Platinum is a serious bet to go Long.
NYMEX:PL1!Long
by Mudane97
Platinum Futures ( PL1! ), H4 Potential for Bullish MomentumTitle: Platinum Futures ( PL1! ), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 1037.8 Pivot: 974.3 Support: 940.9 Preferred case: The current bias for PL1! on the H4 chart is bullish . To add to this bias, the price is currently trading above the Ichimoku cloud and ascending trendline, indicating a bullish market. If the bullish momentum continues, price may head towards the resistance at 1037.8, where the previous high is located. Alternative scenario: Price may retrace downwards and head towards the 940.9 support level , where the 61.8% Fibonacci line is located. Fundamentals: There are no major news.
NYMEX:PL1!
by Tickmill
Platinum Futures ( PL1! ), H4 Potential for Bullish MomentumTitle: Platinum Futures ( PL1! ), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 1037.8 Pivot: 974.3 Support: 940.9 Preferred case: The current bias for PL1! on the H4 chart is bullish. To add to this bias, the price is currently trading above the Ichimoku cloud and ascending trendline, indicating a bullish market. If the bullish momentum continues, price may head towards the resistance at 1037.8, where the previous high is located. Alternative scenario: Price may retrace downwards and head towards the 940.9 support level, where the 61.8% Fibonacci line is located. Fundamentals: There are no major news.
NYMEX:PL1!Long
by Genesiv
1
Platinum Futures ( PL1!), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 975.5 Pivot: 940.7 Support: 914.0 Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing the Ichimoku cloud and breaking ascending channel , which indicate a bearish market. The price may drop from the pivot at 940.7, which is in line with the 38.2% fibonacci retracement to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are. Alternative scenario: Price may rise to the 1st resistance at 975.5, where the swing highs are. Fundamentals: There are no major news.
NYMEX:PL1!
by Tickmill
Platinum Futures ( PL1!), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 975.5 Pivot: 940.7 Support: 914.0 Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing the Ichimoku cloud and breaking ascending channel, which indicate a bearish market. The price may drop from the pivot at 940.7, which is in line with the 38.2% fibonacci retracement to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are. Alternative scenario: Price may rise to the 1st resistance at 975.5, where the swing highs are. Fundamentals: There are no major news.
NYMEX:PL1!Short
by Genesiv
Platinum Futures ( PL1!), H4 Potential for Bullish MomentumType: Bullish Momentum Resistance: 975.5 Pivot: 939.4 Support: 914.0 Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud and ascending channel , which indicate a bullish market. The price may rise from the pivot at 939.4, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 975.5, where the swing highs are. Alternative scenario: Price may drop to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are. Fundamentals: There are no major news.
NYMEX:PL1!
by Tickmill
Platinum Futures ( PL1!), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 975.5 Pivot: 939.4 Support: 914.0 Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud and ascending channel, which indicate a bullish market. The price may rise from the pivot at 939.4, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 975.5, where the swing highs are. Alternative scenario: Price may drop to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are. Fundamentals: There are no major news.
NYMEX:PL1!Long
by Genesiv
Platinum (PL): Wave Analysis 1917-2022●● Preferred count ● Platinum Cash (PL.C), 🕐TF: 20D Fif.1 The counting of long-term waves only confirmed the priority of the scenario defined in the previous review, in the context of which the supercycly wave (V) unfolds the ending diagonal . This hypothesis assumes the continuation of price growth within wave III , which will take the form of a zigzag, exceeding the maximum of wave I . _______________________________________ ● Platinum Futures (NYMEX) , 🕐TF: 1D Fif.2 The wave Ⓐ in the composition of III of (V) must also take the form of a diagonal . At least, the double zigzag that formed from the top of wave II can be interpreted in a general context as the first wave in its composition. _______________________________________ ● Platinum Futures (NYMEX) , 🕐TF: 8h Fif.3 According to the structure, the second wave of intermediate degree can be identified as a double zigzag W-X-Y with a combination in X . Moreover, wave (2) reached a level that created several Fibonacci ratios: wave Y = 61.8% W , while (2) = 61.8% (1) . Quite powerful the argument in favor of the fact that the downward correction is over. The breakdown of the 0-X line will serve as an additional signal in favor of this assumption. _______________________________________ ●● Alternative count ● Platinum Futures (NYMEX) , 🕐TF: 8h Fif.4 The alternative markup tells us that the correction within wave (2) will continue. A series of overlapping zigzags in a downtrend can be identified as the leading diagonal in wave A . If this interpretation turns out to be correct, then after correction in wave B , the minimum of 797.5 formed by wave A will be rearranged within the impulse C . 📚 Elliott Wave Guide & Ellott Wave Archive ⬇️⬇️
NYMEX:PL1!Long
by TradeWaves-EWA
Platinum Pushes Higher From Oversold TerritoryPlatinum has been very volatile since the lows from back in Mid-July. We saw a great run to the upside off some oversold levels near 806, and the market tapped out right at the 200-day MA and turned to the downside with some dollar strength. The market since has re-tested and briefly broke below the 806 lows, again in very oversold territory, and has made another run to the upside. There was some news about a tight supply which gave us strength, and the bulls will look to break above the 21-day moving average and then re-take the .328 retracement level at 889 for sustained higher price action.
NYMEX:PL1!
by Ryan_Gorman
Platinum FUTURES (PL1!), H4 Potential for Bearish DropType : Bearish Drop Resistance : 883.8 Pivot: 858.9 Support : 833.2 Preferred Case: On the H4, with price going within the descending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 858.9 where the overlap support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 833.2 where the swing low is. Alternative scenario: Alternatively, price could rise to 1st resistance at 883.8 where the overlap resistance, 23.6% fibonacci retracement are Fundamentals: China recently announced the YoY industrial activity figures for July, falling to 3.8% from 3.9% in June, which is quite disappointing. Specifically related to mining, industrial activity in China dropped from 8.7% in June to 8.1% in July, which further dampened platinum prices.
NYMEX:PL1!
by Tickmill
Platinum FUTURES (PL1!), H4 Potential for Bearish DropType : Bearish Drop Resistance : 883.8 Pivot: 858.9 Support : 833.2 Preferred Case: On the H4, with price going within the descending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 858.9 where the overlap support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 833.2 where the swing low is. Alternative scenario: Alternatively, price could rise to 1st resistance at 883.8 where the overlap resistance, 23.6% fibonacci retracement are Fundamentals: China recently announced the YoY industrial activity figures for July, falling to 3.8% from 3.9% in June, which is quite disappointing. Specifically related to mining, industrial activity in China dropped from 8.7% in June to 8.1% in July, which further dampened platinum prices.
NYMEX:PL1!Short
by Genesiv
Platinum Down On Dollar Strength The Platinum market rebounded nicely off the inverse head and shoulders pattern from the lows on July 14th, climbing through resistance and getting stuck right at the 200-day moving average. The market was near overbought levels, and the recent strength in the dollar has pushed Platinum back to old resistance, which will now act as a support pocket. If there is continued strength in the dollar and little bullish economic data, the market could break below this pocket and towards the mid-July lows. If the dollar pulls back and the economy seems to be gaining strength, it could be a catalyst to the upside inviting more buyers.
NYMEX:PL1!
by Ryan_Gorman
1
PLATINUM FUTURES (PL1!), H4 Potential for Bullish RiseType : Bullish Rise Resistance : 891.7 Pivot: 870.5 Support : 850.3 Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 870.5 where the pullback resistance is. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 891.7 where the swing high resistance, 100% fibonacci projection and 161.8% fibonacci extension . Alternative scenario: Alternatively, price could drop to the 1st support at 850.3 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection . Fundamentals: Due to the increased strength of DXY , we have a bearish view on precious metals like platinum . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
NYMEX:PL1!
by Tickmill
PLATINUM FUTURES (PL1!), H4 Potential for Bullish RiseType : Bullish Rise Resistance : 891.7 Pivot: 870.5 Support : 850.3 Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 870.5 where the pullback resistance is. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 891.7 where the swing high resistance, 100% fibonacci projection and 161.8% fibonacci extension. Alternative scenario: Alternatively, price could drop to the 1st support at 850.3 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection. Fundamentals: Due to the increased strength of DXY, we have a bearish view on precious metals like platinum. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
NYMEX:PL1!Long
by Genesiv