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PL1! trade ideas

Platinum: Inverse Head and ShouldersThe Platinum market has been under pressure and has seen some strong selling from the April highs at 1148.9. With the potential supply surge in the palladium market, there are stronger concerns that Platinum will be dragged down as well. On the technical side, we are seeing a nice inverse head and shoulders that would indicate prices shifting to the upside, and there is strong trendline support going back to the August '22 lows. For the bulls to take control of this market, we would need to see some strong buying near this critical support level, or we can see prices sharply lower with the overall supply concerns.
NYMEX:PL1!
by Ryan_Gorman
potential bounce in platinum taking a shot here buy: 998 or lower. Stop: 990 The model: The Ingenuity Trading Model is a Geometric Markov Model with specific inputs related to Price, Time, Volume , and Volatility. The model attempts to predict local minimums in price on a daily and weekly basis. A fancy way of saying a trading system that detects specific patterns in price, time, volume, and volatility and indicates whether to buy or sell. On winning trades after 1 day take at least ⅓ of the position off and move stop to breakeven
NYMEX:PL1!Long
by IngenuityTrading
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
NYMEX:PL1!Long
by PukaCharts
Platinum Futures ( PL1! ), H4 Potential for Bearish DropTitle: Platinum Futures ( PL1! ), H4 Potential for Bearish Drop Type: Bearish Drop Resistance: 1068.8 Pivot: 1022.0 Support: 971.4 Preferred case: Looking at the H4 chart, my overall bias for PL1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. Expecting price to retest the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the support at 971.4 where the previous swing low is. Alternative scenario: Price could possibly break the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the resistance at 1068.8, where the recent high is Fundamentals: There are no major news.
NYMEX:PL1!
by Tickmill
Platinum Futures ( PL1! ), H4 Potential for Bearish DropTitle: Platinum Futures ( PL1! ), H4 Potential for Bearish Drop Type: Bearish Drop Resistance: 1068.8 Pivot: 1022.0 Support: 971.4 Preferred case: Looking at the H4 chart, my overall bias for PL1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. Expecting price to retest the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the support at 971.4 where the previous swing low is. Alternative scenario: Price could possibly break the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the resistance at 1068.8, where the recent high is Fundamentals: There are no major news.
NYMEX:PL1!Short
by Genesiv
Platinum - a new 🐂 marketThe Bear market in Platinum characterised by a 15 year downtrend in a Descending triangle formation has broken out a second time (first being a headfake) coupled with the severe historical undervaluation when comparing against M2 strengthens the idea of a renewed bull market past $3000 over the next 3-5 years if historical bull markets are anything to go by. Platinum is currently being considered as one of the primary metals in assisting chemical reactions taking place in EV vehicles in order to increase efficiency; a desperate state of affairs despite it being touted as Green Energy; heavy demand could ironically come from this market which was seen as a deflationary force on Platinum. For these reasons Platinum is a serious bet to go Long.
NYMEX:PL1!Long
by Mudane97
Platinum Futures ( PL1! ), H4 Potential for Bullish MomentumTitle: Platinum Futures ( PL1! ), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 1037.8 Pivot: 974.3 Support: 940.9 Preferred case: The current bias for PL1! on the H4 chart is bullish . To add to this bias, the price is currently trading above the Ichimoku cloud and ascending trendline, indicating a bullish market. If the bullish momentum continues, price may head towards the resistance at 1037.8, where the previous high is located. Alternative scenario: Price may retrace downwards and head towards the 940.9 support level , where the 61.8% Fibonacci line is located. Fundamentals: There are no major news.
NYMEX:PL1!
by Tickmill
Platinum Futures ( PL1! ), H4 Potential for Bullish MomentumTitle: Platinum Futures ( PL1! ), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 1037.8 Pivot: 974.3 Support: 940.9 Preferred case: The current bias for PL1! on the H4 chart is bullish. To add to this bias, the price is currently trading above the Ichimoku cloud and ascending trendline, indicating a bullish market. If the bullish momentum continues, price may head towards the resistance at 1037.8, where the previous high is located. Alternative scenario: Price may retrace downwards and head towards the 940.9 support level, where the 61.8% Fibonacci line is located. Fundamentals: There are no major news.
NYMEX:PL1!Long
by Genesiv
1
Platinum Futures ( PL1!), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 975.5 Pivot: 940.7 Support: 914.0 Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing the Ichimoku cloud and breaking ascending channel , which indicate a bearish market. The price may drop from the pivot at 940.7, which is in line with the 38.2% fibonacci retracement to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are. Alternative scenario: Price may rise to the 1st resistance at 975.5, where the swing highs are. Fundamentals: There are no major news.
NYMEX:PL1!
by Tickmill
Platinum Futures ( PL1!), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 975.5 Pivot: 940.7 Support: 914.0 Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing the Ichimoku cloud and breaking ascending channel, which indicate a bearish market. The price may drop from the pivot at 940.7, which is in line with the 38.2% fibonacci retracement to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are. Alternative scenario: Price may rise to the 1st resistance at 975.5, where the swing highs are. Fundamentals: There are no major news.
NYMEX:PL1!Short
by Genesiv
Platinum Futures ( PL1!), H4 Potential for Bullish MomentumType: Bullish Momentum Resistance: 975.5 Pivot: 939.4 Support: 914.0 Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud and ascending channel , which indicate a bullish market. The price may rise from the pivot at 939.4, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 975.5, where the swing highs are. Alternative scenario: Price may drop to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are. Fundamentals: There are no major news.
NYMEX:PL1!
by Tickmill
Platinum Futures ( PL1!), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 975.5 Pivot: 939.4 Support: 914.0 Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud and ascending channel, which indicate a bullish market. The price may rise from the pivot at 939.4, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 975.5, where the swing highs are. Alternative scenario: Price may drop to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are. Fundamentals: There are no major news.
NYMEX:PL1!Long
by Genesiv