PLATINUM trade ideas
Platinum towards the topLet me present my idea, it looks like Platinum has touched the 61.8% Fibonacci retracement level at the price 953.066, and we hope to go to the first price direction in the 982.739 range at the 161.8% level, and the second price at the 999.925 range at the 261.8% level, but I personally prefer to set the profit point at the first price range. If the movement breaks below the price 953.066, it is likely to go short.
PLATINUM: MASSIVE MULTI YEAR BULLISH TRIANGLE 🚀A massive triangle has been forming on the weekly Platinum chart.
Best is to wait until the weekly candle has broken through the 2020 highs with sufficient force. The riskier trade would be to wait for and entry around $750. In case the $750 resistance doesn’t hold, look for an entry around the 2020 lows.
Targets 1-4 are based on previous highs throughout the years.
Safest bet would be to ride the trend from $1100 to $1500.
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Platinum - bullish countLots of other possibilities here (as always with with EW) but I kind of like the look of this count. The area of doubt for me is whether or not the stage 2 correction has come deep enough at the 38.2 or if it is going to morph into something else. If it could break the 1000 level then maybe I could be more confident.....
Platinum to Breakout?As you can see from the chart:
Palladium had a big run already in 2019 and typically this results in a large pull back if you look at its historical price action. Investors are probably afraid to load up here.
Gold already broke out, potentially forming a bull flag for further move. But some analysts claim it is overbought and inflation may not be as high as expected which would cause a significant pullback.
Silver is more volatile than Gold and is in the same boat as Gold at the moment. Silver's breakout lagged gold as usual.
Platinum interests me. As you can see it has not reacted much to recent events (relative to its historical price action) like gold and silver have, and I believe investors will rotate into platinum since gold, silver, and palladium have already broke out.
What do you guys think?
PlatinumThis chart forms part of a larger client note published pre-market.
The metal has had a strong two-day candle structure, with the price looking to breach it's short term downward trend line extending back to the swing highs of 30 September. Higher lows have developed since 02-November while the price is regaining and attempting to trade above the 8-21-50 DAY EMA. In order for the trend to shift, we need to see the price solidly break the $900 level. It held the pivot and is looking to test test the underside of resistance level #1.
Out look for Platinum might be higher.Out look for Platinum is potentially higher if long-term trend-line continues to support prices.
