Platinum is in critical area, closer to breakout support, risk of bearish potential.
Big institutions and companies tend to decrease in demand, even though the supply of platinum is increaseing.
I usually use 2 sources to see the sentiment of big players:
1. LME : London Metal Exchange is a futures and forwards exchange with the world's largest market in...
At the end of today's trading, IF the daily candle ends with a bullish candlestick (bar), then the bulls would most likely take control and drive price high
N.B
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
PLATINUM: The weekly chart reflects a series of lower highs while support at the $900 level is being tested for the 4th time since September 2021. A break and close below this level raises the risk of further downside, with $775 as an initial target.
Platinum (XPTUSD) is trading close to a Support Zone that is holding since the September 2021 Low. It does remain under two Lower Highs trend-lines, the one from the February 16 2021 High and the other from the March 09 2022 High. Technically that is the most optimal buy level for a short-term rebound towards the Internal Lower Highs trend-line and if broken,...
The trend of Platinum USD on the 1D time frame is showing a reversal. Firstly you can see a downtrend in the form of LH and LL then at the bottom, you can observe the HH and HL which is a sign of trend reversal or consolidation phase. So you can buy from here by putting a stop loss at the LL point mentioned in the chart.
Basic forks
Platinum as an example
Major pivots
Always
High-low-high
OR
Low-High-Low
Use pitchforks to frame PA
80% of the time price returns to the median line from the third pivot
GRI 2022
PLATINUM had a minor rejection in the 980 area close to the 0.618 Fibonacci level, which is measured from the high of 1020 to the low of the DBR.
There is no reason to expect a pullback in the 972 area until the low in the 964 area is clearly broken.
The price is choppy, not really clean, but it looks like a bear market.
917 is the target for a bias of 874.
Overall Average Signal from all our indicators suggests a Long. Entry is at market open and exit is shortly before market close or whenever you are okay with profits.
Platinum (Spot) - For now, the structure appears positive in my view and looks ready for a buy/long.
Current: $975
How I'm seeing it:
- Pending break of 2nd channel resistance
- 14-DAY RSI at 55 (pointing up and room to move higher). Also breaching downward trend line.
- MACD trending toward the zero bound (pending cross, up)
- breaking through the moving...
