PLATINUM trade ideas
Platinum/Aberdeen Standard Physical Platinum Shares ETF (PPLT)At current levels, the reward-to-risk for a buy/long on Platinum is starting to appear compelling.
Time Frame: Medium Term
The bear flag we highlighted in May has fully 'played out', with the commodity now being 21% off its YTD high. At current levels, it is trading at levels of interest, that being:
- The lower boundary of its 200-period linear regression channel.
- The 61.8% Fibonacci retracement level, of which the current test of the zone is the second in the last 6 weeks.
A 'conviction candle' above line A_B would suggest a reversal of trend, from bearish to neutral and then possibly bullish.
Provisional Levels:
Buy on break of line A_B (approximately above $1063 from current levels)
Stop-loss: $1022
Target: $1163
Current: $1054
Exposure also possible via the Aberdeen Standard Physical Platinum Shares ETF (PPLT)
XPTUSD About to confirm a bullish break-out.Pattern: Bullish Megaphone on 1D.
Signal: Buy as the RSI broke above its Lower Highs trend-line. For a stronger confirmation you may wait for either a break above the 1D MA50 (blue trend-line) or the Lower Highs trend-line of the price since the February 16 High.
Target: Either the 5.0 or 6.0 Fibonacci extension.
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SILVER a turn at the 0.618 🦐SILVER after the last bearish impulse retraced at the 0.618 first and then retested the 0.5.
Now the market is approaching daily support and according to Plancton's strategy if the market will break below we will set a nice short order.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Platinum could recover soonI see heavy congestion in the price of platinum. It is closing a wedge that began at the end of October last year. It peaked in mid-February and has been falling ever since. The correction may be close and we will see a continuation, remembering that it is still far from its all-time highs.
XPTUSD – bearish continuation …07 June, 2021While Gold had been rising, Platinum has been on a decline recently. It did make a multi-year high on 16 Feb but fell back right away. Recently it has been consolidating within a channel and on Thu last week , it broke out impulsively below it. Friday’s price action was choppy (check out H4 chart) and I see it like a pullback to the channel bottom. I anticipate a bearish continuation in this metal with targets located at $1128 and possibly $1000 area.
As always, watching the price action on a lower time frame before committing to a trade is advisable.
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Always use sound money and risk management in all your trades.
Platinum cant hold support levelsSeveral support levels has failed in Platinum, now testing a declining triangle. Commodity futures should be up because of the pressured fed rates and shortages in supply. However hit in the car manufacturing industry is pressuring platinum levels as well. Platinum prices were above gold and palladium before pandemic and is expected to catch up at some point. However we need to see a definitive price turnaround for that.