A bear flag in Platinum!Platinum looks interesting right now. On a 15-min chart, we see price in a bear flag pattern. On top of that, Relative Strength Index (RSI) shows waning momentum, adding evidence to a potential price breakdown.
Couple this with a longer-term daily chart, prices are trading in close proximity to a long-term support level of 914 & 883. With the 914 support level broken once last week.
We expect some downward pressure on prices in the short term, favoring a short position.
Entry at 936.7, stops at 945. Target at 914.
Disclaimer:
The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
