PLATINUM BREAKOUTS X 3
Platinum Futures
At present Precious Metals all seem to have the wind at their back on longer timeframes.
- A H&S pattern with a potential breakout within a
- Cup&handle with a potential breakout within a
- A long term pennant with a potential breakout.
RSI Indications
- You can see how the green/red circles and resistance lines provided great entries and exits.
- We are approaching the upped resistance line and I would expect some resistance here which aligns with the resistance of the Cup and Handle (which aligns with historic price resistance)
- Use the RSI resistance lines to help manage risk.
In summary I am long term bullish however if we breach the bottom of the long term pennant... we exit the trade. RR is great here if you set a stop under the pennant resistance, this being for a long term 36 - 60 motnh trade.
There are also lots of short term opportunities in this chart from the three patterns identified. These you can see and manage within your own timelines using the chart lines as reference points for buy and sells.
Thanks
PUKA
At present Precious Metals all seem to have the wind at their back on longer timeframes.
- A H&S pattern with a potential breakout within a
- Cup&handle with a potential breakout within a
- A long term pennant with a potential breakout.
RSI Indications
- You can see how the green/red circles and resistance lines provided great entries and exits.
- We are approaching the upped resistance line and I would expect some resistance here which aligns with the resistance of the Cup and Handle (which aligns with historic price resistance)
- Use the RSI resistance lines to help manage risk.
In summary I am long term bullish however if we breach the bottom of the long term pennant... we exit the trade. RR is great here if you set a stop under the pennant resistance, this being for a long term 36 - 60 motnh trade.
There are also lots of short term opportunities in this chart from the three patterns identified. These you can see and manage within your own timelines using the chart lines as reference points for buy and sells.
Thanks
PUKA
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