Further downside looks likely, although this support zone could hold..At present i have no position however i will consider adding exposure if a clearer direction presents itself.
Short term turbulence ahead !
This is the 4hr chart and so this information is for very short term strategies...
Extreme pessimism in this market...could very well do a 360 and rally...Whichever way wait for confirmation.
The bank index is getting a lot attention...lots of sellers are getting in on the action, trade with caution on this one !
Platinum has endured heavy selling pressure since 2011, as we approach the lows of 2008 retailers have almost given up on rising prices...extreme pessimism always gets my attention.
I am currently (today) short at 11030 on a September 18th contract... with a stop loss at 11230.
Use stops according to your position size and time frame.
Strong readings (breadth, optimism etc) could create short term weakness somewhere here.
Bullish pennant, important fib level. Latest news.. Opec to boost production by 1 million barrels aggregate per day.
Philippines GDP is forecasted to grow at 4.8% per annum going forward, however using any type of data from there economy to asses risk in there stock market is tricky to say the least...
Concerns regarding trade flows have been the catalyst for this commodity dropping a whopping 13% this month !!
Analysis based on the report from the Commitment of Traders (COT) data.
Research based on tracking what the commercial hedgers are doing...
Short at 38.2% / Rising wedge break down ...
Research based on tracking commercial hedgers activity...