TPL1! trade ideas
Can Platinum Hold Key Support?The precious metals complex has been under pressure since the April highs for several reasons. For one, the dollar has been on the rise, and typically when the dollar is ripping higher the precious metals will take a hit to the downside. Also, treasury yields have also been ripping higher adding to the bear case for the metals. Looking at the chart on a weekly basis, there is a solid bull and bear case to consider looking at this market, and as we are nearing the end of the quarter there could be some great volatility.
Bull Case:
If you are looking to get long this market, there are a few supporting factors to consider. On the
technical side, we are testing major trendline support going back to the pandemic lows, and we have not broken this level when it has been tested and have seen significant rallies from this point. There is also good support from 883-892, and that pocket has held well when tested.
Bear Case:
As mentioned before, the dollar and treasury yields have been screaming higher, and have been
pressuring the metals lower. With yields and the dollar running up, the metals complex will struggle to find any conviction higher, so keep an eye on those markets to see if we can get a turnaround. If the market does break below this trendline support, then we could see prices sent back down to 860.5.
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PLATINUM FUTURES, Massive BEARISH TRIANGLE-Formation, BREAKOUT!Hello There!
Welcome to my new analysis about PLATINUM FUTURES on the global timeframe perspective. The precious metals market is moving into a decisive momentum within the recent times as developments within the financial markets point to a continuation of exceptionally high interest rates within vast majorities of economies and a continuation of hawkish interest rate approaches. An market with continued higher interest rates is pointing to an main indication of a more bearish determination for the precious metals market. If there is no change in the hawkish FED policies and a turning point into more dovish policies decreasing interest rates this is likely to setup the continuation of a bearish indication for precious metal derivatives such as PLATINUM FUTURES. This in combination with a strong DXY, U.S. Dollar Currency Index is increasing opportunity costs of holding precious metal derivatives such as PLATINUM FUTURES, especially within the currencies baskets this is likely to decrease long open interst and increase open interest in short positions to hedge against a depreciating fiat currency pointing to a bearish precious metal scenario.
From a technical perspective the signs are definitely worthwhile to consider here as PLATINUM FUTURES form this gigantic descending-channel-formation in which PLATINUM FUTURES already completed several massive bearish waves to the downside increasing bearish pressure and momentum forming several lower lows and pointing to a higher likelihood possibility of a continuation within the descending-channel-formation. Within this channel PLATINUM FUTURES also form the coherent wave-count with the waves A to C being already completed and now within the formation of the wave D PLATINUM FUTURES are forming this gigantic triangle-formation which is likely to complete within the next times. A breakout below the lower boundary of the triangle-formation will setup the origin of a continuation into the bearish direction and a substantial extension of the wave E within the whole wave-count increasing the bearish momentum till the final targets have been reached.
Taking all these factors into the consideration here the final breakout can setup faster than expected and then it will be important on how PLATINUM FUTURES setup the actual bearish momentum to develop within the wave-E of the whole wave-count because when the momentum is that strong reaching out to the initial target-zones marked in blue this can lead to a continuation just below these levels and a invalidation of the descending-channel into the lower directions. If this does not happen and PLATINUM FUTURES show up with the ability to stabilize within the final target-zones from there on the potential for a reversal increases and if this reversal setups, once it has emerged PLATINUM FUTURES also have the potential to show up with a final breakout out of the upper boundary of the descending-channel-formation. Especially with continued hawkish interest rate policy, in combination with the open interest in short-positions increasing exponentially, and the strong DXY putting bearish pressure on commodities as well as precious metals this is pointing to the final bearish acceleration and breakout developments to emerge realizing this whole bearish scenario.
In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated.
VP
PLATINUM SOON START ASCENDING MOVE Platinum reached low levels...
Now started to accumulate...
RSI divergence is also confirms...
Upside movement expected...
Platinum Ready to go Up?Weekly PL futures chart shows multiple support touches and also the RSI is quite oversold. Add to this a small green candle after many down weeks.
I like to bottom fish. Getting in this early is a gamble. If nothing else, it is a good time to look for further confirmation that the trend is turning up.
This is my first idea post. I would've wanted it in the futures section but have not yet figured out how to do that.
A reasonable target would be 1100.
Platinum price will increaseThere are a number of reasons why the price of platinum is expected to increase in the future. These include:
Reduced supply: The supply of platinum is expected to decline in the coming years due to a number of factors, including:
The depletion of existing mines
The high cost of exploration and development
The environmental regulations that make it more difficult to mine platinum
Increased demand: The demand for platinum is expected to increase in the coming years due to a number of factors, including:
The growth of the automotive industry, which uses platinum in catalytic converters to reduce emissions
The development of new technologies that use platinum, such as fuel cells and hydrogen production
The growing popularity of platinum jewelry
Geopolitical factors: Geopolitical factors could also contribute to the increase in the price of platinum. For example, if there is a disruption to the supply of platinum from Russia, the price could rise.
Entry: 943-945
SL: 937.6
TP1: 948
TP2: 955
TP3: 962
Platinum is bouncing off its 3-year uptrendWe expect Platinum to erode the downtrend that started in May 2023 at the level of 931 and move upwards. Our confidence in this projection stems from two factors. Firstly, the market is rebounding off a robust 3-year uptrend, indicating a strong underlying support. Secondly, there's a notable divergence in the daily RSI, which indicates a loss in downward momentum at this critical juncture.
In the bigger picture, long-term trendlines tend to hold more significance than shorter-term ones. In this specific case, the well-established uptrend is likely to prevail and push Platinum beyond its more immediate downtrend. One to start paying attention to!
#platinum #commodities #preciousmetals
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platinum versus uraniumno reason to be long platinum when it is underperforming uranium like this
ZERO reason to be long PLATINUM.
URANIUM on the other hand...
#uranium #platinum
Long swing trade PL1!I think PL1! goes to the moon. the setup has a good risk reward. long term analysis
October Platinum futures, green shoots off Friday price action?Platinum futures alongside other metals have clearly been bearish and the Platinum Metals Group consisting primarily of Palladium and Platinum have been selling off in recent sessions and Platinum recently dipped below 900 to 984.2 making back-to-back bottoms at 894.2 once off the extended session and once again off the following RTH session now exactly 5 Fridays' prior. We then appeared to quickly reject that price point below 900 and have attempted to push back above 1000 clocking a high of 1003.7 on Tue July 18th. This appeared then to be a failed breakout above and we have promptly dropped back to 935 in yesterday's session which appears to tout some green shoots and suggesting a second attempt back over 1K price handle. Will we hold 930's and sail higher? This upcoming week will tell and I remain bullish into the week ahead seeking a target back up above 1K.
Short PL1000 is an important supply = demand zone for PL. Failure to break above yields a potential near term short sell set up to the recent bullish trendline.
Platinum: Inverse Head and ShouldersThe Platinum market has been under pressure and has seen some strong selling from the April highs at 1148.9. With the potential supply surge in the palladium market, there are stronger concerns that Platinum will be dragged down as well. On the technical side, we are seeing a nice inverse head and shoulders that would indicate prices shifting to the upside, and there is strong trendline support going back to the August '22 lows. For the bulls to take control of this market, we would need to see some strong buying near this critical support level, or we can see prices sharply lower with the overall supply concerns.
Platinum: How low will you go? 🤔Platinum is on its way downwards to develop wave Y in light green and still has got room to expand. Indeed, there is a 30% chance that the price could even drop into the green zone between $758 and $659, establishing the low of wave Alt.Y in light green instead. Primarily, though, we expect platinum to turn upwards before reaching the green zone.
potential bounce in platinum taking a shot here buy: 998 or lower.
Stop: 990
The model:
The Ingenuity Trading Model is a Geometric Markov Model with specific inputs related to Price, Time, Volume , and Volatility. The model attempts to predict local minimums in price on a daily and weekly basis. A fancy way of saying a trading system that detects specific patterns in price, time, volume, and volatility and indicates whether to buy or sell.
On winning trades after 1 day take at least ⅓ of the position off and move stop to breakeven
platinum priced in goldNO GO for #platinum (priced in #gold), until this happens...
Use charts, avoid opportunity cost.
notes
couple of FBO
nothing to do below this line
PLATINUM BREAKOUTS X 3 Platinum Futures
At present Precious Metals all seem to have the wind at their back on longer timeframes.
- A H&S pattern with a potential breakout within a
- Cup&handle with a potential breakout within a
- A long term pennant with a potential breakout.
RSI Indications
- You can see how the green/red circles and resistance lines provided great entries and exits.
- We are approaching the upped resistance line and I would expect some resistance here which aligns with the resistance of the Cup and Handle (which aligns with historic price resistance)
- Use the RSI resistance lines to help manage risk.
In summary I am long term bullish however if we breach the bottom of the long term pennant... we exit the trade. RR is great here if you set a stop under the pennant resistance, this being for a long term 36 - 60 motnh trade.
There are also lots of short term opportunities in this chart from the three patterns identified. These you can see and manage within your own timelines using the chart lines as reference points for buy and sells.
Thanks
PUKA
Platinum's "Old School" Point and Figure ChartWhile crowd is still asleep, worried about #bitcoin and #tesla... #Platinum showing some teeth and treading ABOVE its very important early breakout line!
Not looking goodPrecious metals are taking a hit and platinum is one of them. I just opened a short position. If it bounces off the flag support I'll add. If you don't want to complicate your life shorting the futures, go with the ETF PPLT. That's what I'm doing.
Platinum Futures ( PL1! ), H4 Potential for Bearish DropTitle: Platinum Futures ( PL1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 1068.8
Pivot: 1022.0
Support: 971.4
Preferred case: Looking at the H4 chart, my overall bias for PL1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market.
Expecting price to retest the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the support at 971.4 where the previous swing low is.
Alternative scenario: Price could possibly break the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the resistance at 1068.8, where the recent high is
Fundamentals: There are no major news.
Platinum Futures ( PL1! ), H4 Potential for Bearish DropTitle: Platinum Futures ( PL1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 1068.8
Pivot: 1022.0
Support: 971.4
Preferred case: Looking at the H4 chart, my overall bias for PL1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market.
Expecting price to retest the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the support at 971.4 where the previous swing low is.
Alternative scenario: Price could possibly break the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the resistance at 1068.8, where the recent high is
Fundamentals: There are no major news.
PLATINUM FUTURES PROBABILTYIm thinking this could be a strong short term entry which could be held strong in its bullish momentum over a long term period of time since market structure has already broke above the DAILY EQUAL HIGHS marked in the blue zone. COMMENTS ON THIS TRADE WILL BE MUCH APPRECIATED.
