#platinum reversing at first touch of a 16 year downtrend line. I didn't see it until today, so now I know that this is the prevailing breakout line on the weekly chart.
I've drawn a small projection just to better illustrate where I think next resist/supports are, and not for timing.
Due to the placement of the platinum price at the lowest weekly Bollinger support level and investors entering to buy platinum last month, we can expect an increase in the price of platinum and other metals in the next 3 weeks up to the specified targets.
Johnson Matthey's latest report on the platinum market reveals an impending supply deficit not seen in a decade, despite some expected declines in vehicle production. The shortfall, exceeding 600,000 ounces, is driven by sustained demand across industries like automotive and industrial applications, particularly in China.
Key Points:
- **Supply Shortfall**: The...
The recent movement in Platinum futures has seen a notable retest of the upper boundary of the range, coinciding with a resistance zone commonly referred to as "Supply." Our analytical approach begins at this critical juncture, where we factor in various elements, including the seasonal behavior observed in this precious metal over the past decade and a half.
A...
PL is looking primed to start the move towards new ATH. We have put in a Re-Accumulation on the weekly and are currently in the BU/LPS phase, during which we have also put in a LTF Accumulation on the Daily. I'll be looking to get involved this week long wherever I can find a low risk entry. 1st Target I'll be looking for is 1031.1
After that next targets are...
NYMEX:PL1!
WOW!!!
Mr Platinum, how are you?
You did play out as expected.
Now, Let,s go to the bank together.
And also. Let us do it again and again!!!
Box Formation and W Formation is showing on the Daily chart of PLatinum.
We do need the price to close above the neckline of both patterns to really confirm upside to come.
So far the MAs are also confirming a bullish inclination along with the rising uptrend.
Price >20 and crossing 200MA
Bullish bias
Target $1,132
Let's drill into the fundamentals for the...
Initiated a trade yesterday evening, albeit slightly delayed, upon recognizing an upward continuation trend. Confirmation from both MACD and STOCH indicators. Employed a 35 TICK stop loss and a 178 TICK take profit. Closed the position this morning at 9:30 AM. Best wishes to all fellow traders!
Entry: 919.0
Stop Loss: 915.5
Take Profit: 936.8
We currently locate the platinum price in the green wave (b). As soon as this low has been placed little further down the chart, we expect another major detour with green waves X and Y before we can consider the important low of the blue wave (b) to be completed. Please note our alternative: If the price falls directly below the support at $843.10 (40% likely), we...
Platinum has been one of the worst performing metals. However, it presents a compelling opportunity for upside should the Fed ultimately deliver rate cuts. Based on daily fibonacci patterns, it is holding support at the 61.8% percent lines. And, it is holding weekly, daily, and hourly support. Today, Monday, Feb 5th, does present a unique opportunity to get in...
A curious spread has opened on Platinum with a volume of 1000 contracts. If you are familiar with the subject, you will realize that an Insider has entered the market. Such deals only appear once or twice a year. Don't miss it!
Spread Expiration - Oct 18, 2024.
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SInce April, we've seen the price on a strong decline from $1,143 down to $843.
It then reached a low and has consolidated around forming a Triple Bottom.
The price has broken above the downtrend along with the neckline of the pattern.
This means, we are ina bull market.
But hold up. There are two ways this can go.
EIther the market continues to...
I couldn't resist sharing this, out of all 12+ of my overlays this one with Mort Diggidys Renako Overlay ATR Green/Red indicator works the best. Look how it colors allo the candles green to indicate we go up.
This is a 3 day chart, so 18 days of buying according to mr Renko.
I discovered that PL a precious metal had fallen 100 points and nobody noticed. I posted it as a buy 3 times and teach time it went up 30-50 points 30 points. I didn't watch it for a while, and it had a trading life all on it's own. Now i se it as a huge bargain again.
The platinum price is currently in the final phase of its blue wave (ii). It has not yet been able to overcome the resistance at $947.10 and has bounced off it. In the further course, however, this should be left behind as we do not expect the end of the movement until the blue Target Zone between $966.60 and $992.20. From here, a descent should then begin and the...
