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Platinum USD per ounce Futures

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XPTUSD1! trade ideas

Platinum at key levelPlatinum "broke" its down trend recently, but it had a dramatic 2 day pullback to the base of the breakout. It is unclear whether the recent upswing was just a mildly longer pullback (see figure for pullback amounts) which will result in another drop in price or whether this is profit taking from the recent upswing. A break below 930 indicates a continuation of the downtrend. A bounce off the 943 level indicates a new uptrend. These are confirmation signals, but what if you want to enter the trade sooner? See below. What type of trader are you? 1. The 976 level could be a "loose" neckline (it could be drawn lower of course) to a head and shoulders pattern that had an absurdly abbreviated right shoulder (excellent short signal!) 2. Since the breakout coincided with both the 200 day EMA and the previous low of the downtrend, there is expected to be hard resistance and a pullback before a solid breakout (go long!).
NYMEX:PL1!
by wardjm
Platinum - Head over ShouldersDear Community, today we have a quite interesting setup concerning Platinum. It is actually more a possible- than an expected setup but still worth mentioning. As you can see in the chart we are expecting the formation of a SHOULDER - HEAD - SHOULDER formation, highlighted in red semi-circles. If this scenario kicks in, we could easily dip deep into the intermediate target zone at around $960. However, there is a very good chance that, if all clicks into place, it will fall through the intermediate zone, following our optimal scenario and therefore primary target ay $811. If you follow us on our premium analysis you will know that we have opened a short position a few days back, aiming for the intermediate and hopefully the primary target. It looks good so far but we need to keep an eye on it for sure. Good luck.
NYMEX:PL1!Short
by RedHotCandlestick