Getting ready to buy platinum
It has fallen 8% from its peak at 1041 on 16 Jan 20.
Two possibilities present to us now :
1. It rebound from this inner bullish trend line
2. It continues to fall further to a support zone between 933 to 953 area before we see a rebound.
Most traders are fleeing to gold as safe haven asset but not platinum so the latter might just follow the "coronavirus tide" that pulls many assets class downwards. So, until we hear more positive news about the containment of this virus, we are likely going to see more bloodshed on the street.
Remember, the capital you deployed here means an opportunity cost of not deploying to others that can give you a potential profit. So, the decision to execute as I often said is easy with a click of the mouse but the work needed to understand which one requires some analysis.
I will be watching this closely and update when I enter.
Two possibilities present to us now :
1. It rebound from this inner bullish trend line
2. It continues to fall further to a support zone between 933 to 953 area before we see a rebound.
Most traders are fleeing to gold as safe haven asset but not platinum so the latter might just follow the "coronavirus tide" that pulls many assets class downwards. So, until we hear more positive news about the containment of this virus, we are likely going to see more bloodshed on the street.
Remember, the capital you deployed here means an opportunity cost of not deploying to others that can give you a potential profit. So, the decision to execute as I often said is easy with a click of the mouse but the work needed to understand which one requires some analysis.
I will be watching this closely and update when I enter.
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