Seasonal Bearishness for Platinum Begins..
Updated
Number of factors set to influence Platinum for the month of March:
- Double Top Resistance at $880
- RSI tag of +70 on the daily chart, momentum exhaustion
- Seasonal Bearishness starts end-Feb/early-March and completes until end-March/early-April
- Expiration of NYMEX April Futures Contracts, expected producer selling up until first notice day
- Continued excess supply concerns, secular low-prices, backlash on diesel emissions.
Short from $860, Take profit $770
- Double Top Resistance at $880
- RSI tag of +70 on the daily chart, momentum exhaustion
- Seasonal Bearishness starts end-Feb/early-March and completes until end-March/early-April
- Expiration of NYMEX April Futures Contracts, expected producer selling up until first notice day
- Continued excess supply concerns, secular low-prices, backlash on diesel emissions.
Short from $860, Take profit $770
Trade active
So far, so good. XPTUSD already moving downward to $830. Still holding short, awaiting for profit target..Trade active
Still bearish with COT at another large short level. Moving target up to $800 TP.Trade closed: target reached
$800 target reached, closing short.
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