PLATINUM trade ideas
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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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.
Platinum $ spot: targeting $1270?Upside price momentum supports the bullish trend direction.
Lower range of the linear regression channel supports a mean reversion trade.
Above 1180 is a bullish trend applicable.
RSI leaves room for further upside price potential.
PLATINUM Sell IdeaWe are bearish on Platinum and will be looking to take a short position if the price retraces back to the levels on the chart.
XPTUSDprice formed ascending channel and breakout the trendline and i see small correction ,so i set stop entry
XPTUSD bearing signals appearXPTUSD has broken the channel support line indicating a move lower however many key indicators are converging.
A small head and shoulders appears at the same area also indicating a downward move.
Breaking the neckline alone in this case isn't enough because zooming out this is still an bull market and I don't like to go short in a longer term upward move so I'll need to see more evidence of a reversal.
Momentum indicators such as MACD with default settings indicate a move lower (not included as chart is getting busy). However 100 EMA may be acting as support.
I'll be looking for a failed test of the right shoulder of the head and shoulders before going short (indicated by blue direction line) or alternatively a break below of the "support level 1" line and the 100 EMA.
If the longer term bull market continues then for a long trade I'll be conservative and wait for highs above the head (Resistance Level 2), and hopefully make some pips before (Resistance Level 3).
Still learning and new at this so looking for other people's views on how this might materialise.
PLATINUM bounces over the support 🦐After the attempt to break the recent highs Platinum started a descending movement inside a counter channel.
The price, which is moving inside a major ascending channel, reached the support area over the lower trendline.
According to Plancton's strategy if the conditions will be satisfied we will set a nice long 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 fall to 1000After the short-lived spike above 1300, Platinum fell to 1100. A rise began from this point and a new attempt to conquers 1300
However, the rise is corrective and we can expect a new leg down soon.
From a technical perspective, Platinum is trading at 1200 at this moment and is under the trend line support of this channel.
Bears hold the upper hand now and rallies above 1200 should be sold.
1k important support could be the medium-term target and a daily close above 1300 would negate this scenario
PLATINUMLong term trend analysis, An extended wave 3 analysis currently on going.
This analysis is a multi timeframe analysis.
XPTUSD weeklyI expect this will be the move for platinum, in General. I already posted the 4h chart , and this is the weekly chart, please leave your comment if any.
XPTUSD PlatinumI expect platinum to keep its rally for a while,I tried many ways to with XPT, but best which worked with me was Elliot waves, I wish its clear, please don't hisitate to leave your commnet.
Break below 50 MA and lower trend line = bearishIf we can bounce of the lower trend line and 50 MA = bullish. If we break below = bearish.
PLATINUM moving higher 🦐PLATINUM on the 4h chart is moving between an ascending trendline and a daily resistance.
The market approached the daily structure and recently break above.
According to Plancton's strategy if the conditions will be satisfied we will set a nice long order.
–––––
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.
