PLATINUM trade ideas
Platinum PlayThe continued trend upward is something to strongly consider. In the short term take a look at the drop to the mid to upper 960s.
The longer, and much more patient play for those who can stomach it could be the two-year formation of a large 'cup with the handle' that the short term move will confirm.
960s could serve as your stop position with the buys set around current or slightly higher prices.
Next week will reveal tell the tail as the candle formations as the technicals currently show platinum as overbought at the moment.
Coming off of ten-year lows, the past six months has presented a buying opportunity as platinum is poised to head back toward the 1200-1600 range sooner than later.
Other long information to consider beyond the technical analysis is the increased demand for platinum that will come from increased demand for precious metals for technological purposes.
"While demand for platinum from the jewelry, automotive and industrial sectors was down in 2019, investor interest helped keep the gray metal in the green for most of the year,
with the greatest price increase happening in the last four months of the year" according to Georgia Williams for InvestingNews.com on Dec.24, 2019.
platinum Failed to keep that higher high at "A" platinum heading south to find more value
Staying above 960 would be quite good as we will have just one more higher low on the chart which indicates uptrend.
Failing to hold these levels we are going to find support back to that buy zone at 950- 956 BUT we do have a head and shoulder pattern forming as well that doesnt look exciting at all for the bulls , so I am prepared for even lower levels at 940 , 920 and 900s bellow that.
These are levels that I am likely to load on my long position as I am generally bullish on platinum on the long term .
platinum looking goodPlatinum looking good at the moment .
We just created a higher high taking the 0.5 level that we got stopped recently after breaking out of that descending channel,
Strong resistance above us the 0.786 fib level that also coincides with the resistance we found on those levels in mid January.
Platinum Platinum broke out of the descending channel as indicated by the bullish divergence on the 4h on the MACD
price got stopped at the 0.382 level , next stop upwards form here and once we pass this resistance is the first stop in the golden zone at the 0.5 Fib level as indicated on the chart .
XPTUSD: Potential H&S in the making?Price has reached the target as analyse through my last post(). Presently, we are seeing some bullish action. But I believe that we are still on a downtrend. Will be looking for price action at the indicated QML to go SHORT.
DISCLAIMER:
Any opinions, analyses discussed in this presentation are just my personal opinion and do not constitute investment advice.
I do not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
XPTUSD - Are the bears done?XPTUSD has made a real bearish structure since running in the highs of 1041, forming Lower Highs and Lower Lows. Thus i would not advice looking for any buys until we break these structures with bullish price action. This been said I see an area of interest where price could reject and have the potential to turn bullish and reverse. On the daily TF a bottom has been formed where price has spiked through. For any potential on reversal price must hold 953-950 region. Safest entry for a bullish entry would be with a break and retest of previous swing high. If price fails to hold this level i would continue to sell on retracements.
~Gratz TopTok
platinum long Likely to see a consolidation next to this bottom reversal pattern as shown on the the Daily chart on the left.
on the right we see the 4hour chart where the price moves inside a descending channel giving a bullish divergence on the MACD , touching a buy zone of good support that has a bottom on 950 .
Platinum XPT/USD (Massive Drop is on the way?)View On Platinum XPT/USD (26 JAN 2020)
We are expecting a massive devaluation in Platinum is coming up.
It may be a lil too early right now but the chance of it going down is higher.
It can $960 region can be a good target/
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What's next for Platinum ?Platinum has reached a critical resistance area at 1028.925. Feb 17, Sept 17, Jan 18, 3 times it tried to break up but failed. Will this 4th attempt be successful ?
Well, it is still riding nicely on the bullish trend line and charging up. It could break up the 1028 level and continue its bullish move OR have a minor correction to around 1000 price level before rebounding.
To buy, wait for it to break out and close above 1028.
Trade safely, always have a SL and manage your risk and capital accordingly. GBU
Getting ready to buy platinumIt 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.
Platinum Huge Bullish Wave Buy Set Up Wave AnalysisThere is a huge Bullish wave setting up, look for a impulsive move up from the blue box
XPTUSD (PLATINUM US DOLLAR) Platinum, which is used to curb emissions from diesel cars and in jewelry, rose more than 21% in 2019 – the biggest annual gain since 2009.
The long-only exchange-traded funds focused on the precious metal attracted $850 million in 2019. That was the biggest annual inflow on record, according to Bloomberg.
Price is making higher highs and higher lows. Sitting at the .382 fib and the 200 EMA.
Waiting to break through 1000.
Platinum, my other preciousWeekly divergence and successful backtest of wedge. Should hit a target close to 1300 in a few months.
PLATINUM Structure Broken - Sell the metalPlatinum looks ready to short. Price has broken trendline and broken support structure. We got a retest and a low risk short opportunity is available.
Platinum (XPTUSD): $1,040 Target reached. Expecting a pull back.XPTUSD reached our 1,040 Target on our long since October 31st, 2019 as seen on the buy call below:
The 1M Bullish Megaphone since September 2018 is still holding (RSI = 57.612, MACD = 6.190, ADX = 38.381, Highs/Lows = 74.3178) and in fact the 1,040 top was its Higher High as seen on the chart. We are now expecting its technical pull back which based on the previous 3 occasions should be within -11% to -14%. As a result this puts the Target Zone within 925 - 895. Note: see how harmonic the RSI sequences are both on the bullish and bearish legs of the Megaphone alike.
This short term pull back doesn't mean that we have turned bearish on Platinum. Our portfolio still holds long term buy positions and we have illustrated our long term bullish sentiment on the idea below:
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