Platinum update: Taking profit on Platinum long trade
- The Platinum metal prices have seen a superb rally 5% in the past two weeks, ran through the second target we set in mid- February.
Above 200MA for the first time since March 2018; Continued to rally this week too, with breaking the two-month range.
We continue to favor being long, and now the price has facing still parallel resistance at 876$ and 886$ its 20MA (Monthly).
We now decided to take partial profit on that long trade entered on February 22 at 831$ targeting a move to 844$, 875$ and 900$ levels. On Wednesday the price printed a high at 872.50$ and the time of writing currently trading at 868$. We exit the trade at 866$ for a profit of nearly 5.00%.
We continue to forecast Platinum to head higher to 885$ and 900$ in the near-term. So we wait for another better opportunity to return to long.
The daily indicators are close to overbought territory whereas the weekly and monthly are remaining upbeat. On the upside, the trend is supportive, but the market needs to take out the early November high 876.50$ to confirm the direction once again, additional resistance seems to be at 886$ its 20MA (monthly).
The flip side, the price has been well supported at 845$ and 830$ a break below 830$ may pave the way for lower prices back to the lower end of recent range.
http://www.keytomarkets.com/blog/blog/ktm-commodity-daily-taking-profit-on-platinum-long-trade/