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PT1! trade ideas

Platinum Supply Gap Widens: Johnson Matthey Report AnalysisJohnson Matthey's latest report on the platinum market reveals an impending supply deficit not seen in a decade, despite some expected declines in vehicle production. The shortfall, exceeding 600,000 ounces, is driven by sustained demand across industries like automotive and industrial applications, particularly in China. Key Points: - **Supply Shortfall**: The report predicts a substantial deficit in platinum supply due to maintenance issues in South African smelters and lower scrap stream volumes from end-of-life vehicles. - **Strong Demand**: Surprisingly, the automotive sector saw an 8% increase in platinum demand in 2023, mainly due to the slower-than-expected adoption of electric vehicles (EVs). Industrial applications in China also contributed to sustained demand. - **Price Implications**: Despite the supply-demand imbalance, platinum prices have remained relatively subdued, suggesting market complexities beyond simple supply constraints. Looking Ahead: The report warns of potential disruptions in South Africa, a crucial platinum producer, and uncertainties around EV adoption rates as key risks to watch. Nevertheless, the persistent supply deficit is expected to define the platinum market's near-term trajectory. (insert-link-here)
NYMEX:PL1!Long
by MorMedia
Platinum: Examining Resistance Retests and Seasonal BehaviorThe recent movement in Platinum futures has seen a notable retest of the upper boundary of the range, coinciding with a resistance zone commonly referred to as "Supply." Our analytical approach begins at this critical juncture, where we factor in various elements, including the seasonal behavior observed in this precious metal over the past decade and a half. A meticulous examination of historical data reveals a consistent pattern wherein Platinum experiences a significant decline in value from May through July. This seasonal trend, observed over the course of the last 10 to 15 years, underscores the likelihood of a continued downturn in Platinum's value during this period. In light of this compelling historical precedent, we are inclined to anticipate a continuation of this seasonal pattern in the current market environment. Consequently, our focus is squarely on identifying and capitalizing on potential bearish opportunities. Specifically, we are actively seeking a setup that anticipates a local retest of the aforementioned resistance zone, which could serve as a catalyst for a reversal in price direction. By aligning our analysis with both technical and seasonal considerations, we aim to position ourselves strategically to navigate the evolving dynamics of the Platinum futures market.
NYMEX:PL1!Short
by FOREXN1
1
PLatinum shaping up for a ton of upside to $1,132 tech and fundsBox Formation and W Formation is showing on the Daily chart of PLatinum. We do need the price to close above the neckline of both patterns to really confirm upside to come. So far the MAs are also confirming a bullish inclination along with the rising uptrend. Price >20 and crossing 200MA Bullish bias Target $1,132 Let's drill into the fundamentals for the rising PLatinum price One of the significant reasons for the price increase is the deepening supply deficit that was observed in 2023, which is expected to continue into 2024. The World Platinum Investment Council (WPIC) had revised its expectations for the platinum deficit in 2023 to nearly twice its initial estimate, highlighting a considerable shortfall in supply against demand​ (INN)​. This deficit is largely due to decreased supply, with production challenges in major platinum-producing countries like South Africa, where mines have faced electricity issues leading to production deficits. Despite some improvements in production, the overall global output of platinum decreased year-on-year, while demand, particularly from the automotive sector and for investment purposes, has seen a notable increase​ (INN)​. Also, the demand for platinum in the production of green hydrogen, which uses platinum-group metals (PGMs) as catalysts, is also contributing to the increased demand. The green hydrogen sector, which focuses on producing hydrogen from renewable sources, has seen significant investment, further boosting platinum demand​ (INN)​. The auto sector, a major consumer of platinum due to its use in catalytic converters, has begun to return to pre-pandemic production levels, further straining the available platinum supply​ (INN)​. And investment demand for platinum is expected to rise, with projections indicating an increase in platinum bar and coin demand to a three-year high, as manufacturers in North America and Europe allocate more capacity to platinum due to weaker demand for gold and silver​ (The future of trading)​. All giving great buying signs for the precious metal.
NYMEX:PL1!Long
by Timonrosso
Platinum Represents Big Value and Upside in MetalsPlatinum has been one of the worst performing metals. However, it presents a compelling opportunity for upside should the Fed ultimately deliver rate cuts. Based on daily fibonacci patterns, it is holding support at the 61.8% percent lines. And, it is holding weekly, daily, and hourly support. Today, Monday, Feb 5th, does present a unique opportunity to get in long at these lows and ride up a wave to much high level. PLJ5 is currently trading at 883.4 . . . Buy now, with a SL at 870 and a move that could go as high as 1000 within the next month.
NYMEX:PL1!Long
by CeresTrader
Platinum welcomes Bull Market since April 2023SInce April, we've seen the price on a strong decline from $1,143 down to $843. It then reached a low and has consolidated around forming a Triple Bottom. The price has broken above the downtrend along with the neckline of the pattern. This means, we are ina bull market. But hold up. There are two ways this can go. EIther the market continues to consolidate and move sideways which will be a drag holding onto platinum longs. Or the bulls will do what they can to push up and take us to the target. With the Santa Claus Rally on the way and the positive sentiment reverberating world-side, I can only hope for the latter. My first target will be $1,094.00.
NYMEX:PL1!Long
by Timonrosso
PL poised to continue upWhen I first posted about PL it was at 806, since then each time I posted about it it went up another 30 points. Prior to me pointing out what a bargain it was it had fallen 150 points from $946. One time it went up 50 point in one day, or $2500 in one day per contract. Now it has developed a life of it's own, steadily climbing towards higher levels. I expect this to continue, the corrections have been minor since $844. My profit target for it is $935.
NYMEX:PLZ2023Long
by dryanhawley