Might seem a bit optimistic, but it's clear that Platinum has broken out of its 10 year downward-sideways triangle range...
Fundamentally this is due to a number of factors:
Reason #1: Supply is dropping mainly in Russia and South Africa
~ Impala is cutting over 13,000 jobs '
~ Shafts are reducing from 11 to six
~ Lonmin is cutting over 5,270 jobs
Platinum is falling very nicely from top and going down as we were expecting in our last couple of posts. It is forming another breakdown setups.
Watch for price action before the breakdown and look for sell or sell on breakdown.
Platinum broke trough an ascending trend line, late last week. However the bias remains bullish as long as we stay above 868 on a daily close. New entry level long would be the area of 878-868. This area involves a couple of monthly highs/lows, 618 retracement and slope support.
Platinum should reject of the slope line and close above 900 on the day for a strong conviction, however it looks good enough for me.
Just like Gold, Platinum respons to real yield, which look overbought at the moment touching previous support, "possible" resistance.
Platinum posted a strong rebound on the 871.00 October 2nd low and is currently rising on 1D (RSI = 62.934, MACD = 2.660, Highs/Lows = 16.6714) towards a new Higher High. The Higher High is designated by the 1M Megaphone pattern it has been trading within since August 2018. The 1D RSI patterns suggest that a new bullish leg may start without needing to make a...
Hi, today we are going to talk XPTUSD
We observe a H4, some important points. The details are highlighted above.
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