I see heavy congestion in the price of platinum. It is closing a wedge that began at the end of October last year. It peaked in mid-February and has been falling ever since. The correction may be close and we will see a continuation, remembering that it is still far from its all-time highs.
While Gold had been rising, Platinum has been on a decline recently. It did make a multi-year high on 16 Feb but fell back right away. Recently it has been consolidating within a channel and on Thu last week , it broke out impulsively below it. Friday’s price action was choppy (check out H4 chart) and I see it like a pullback to the channel bottom. I anticipate a...
Several support levels has failed in Platinum, now testing a declining triangle. Commodity futures should be up because of the pressured fed rates and shortages in supply. However hit in the car manufacturing industry is pressuring platinum levels as well. Platinum prices were above gold and palladium before pandemic and is expected to catch up at some point....
Upside price momentum supports the bullish trend direction.
Lower range of the linear regression channel supports a mean reversion trade.
Above 1180 is a bullish trend applicable.
RSI leaves room for further upside price potential.
XPTUSD has broken the channel support line indicating a move lower however many key indicators are converging.
A small head and shoulders appears at the same area also indicating a downward move.
Breaking the neckline alone in this case isn't enough because zooming out this is still an bull market and I don't like to go short in a longer term upward move so...
After the attempt to break the recent highs Platinum started a descending movement inside a counter channel.
The price, which is moving inside a major ascending channel, reached the support area over the lower trendline.
According to Plancton's strategy if the conditions will be satisfied we will set a nice long order.
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Follow the Shrimp 🦐
Keep in mind.
🟣...
After the short-lived spike above 1300, Platinum fell to 1100. A rise began from this point and a new attempt to conquers 1300
However, the rise is corrective and we can expect a new leg down soon.
From a technical perspective, Platinum is trading at 1200 at this moment and is under the trend line support of this channel.
Bears hold the upper hand now and rallies...
