Pattern: 1M Channel Up. Signal: Bullish once the price hits the Symmetrical Support. Target: 1040 (just below the 1D Resistance). Recent successful signal on Platinum:
Commercial producers in Platinum have been heavy sellers in the NYMEX contract lately. This action typically bodes poorly for Platinum prices shortly thereafter. Once the commercials get down to -50k contracts, this can be a good signal to short. Using this weeks "Eskom Power Shortage" news to open a new short position on the NYMEX PL contract. In times passed,...
Pattern: Channel Up on 1M. Signal: Bullish as the price is approaching the Higher Low zone of the pattern. Target: 950 (below the 1D Resistance) and 990 (below the 1W Resistance).
Still, it is in the long trend so do not expect much fall, however quite bullish in the long term and can break previous records
Pattern: 1D Head and Shoulders. Signal: Bullish as the price has touched the Support of the neckline. Potential rebound towards the Resistance but tight trade due to the bearish momentum. Target: 870.00 (top of the neckline and symmetrical Resistance).
Pattern: Channel Up on 1D. Signal: Bullish as long as 866 holds. Target: 930.00 (the next Resistance on 1W). * If 866 breaks be ready to short to 833.00.
Pattern: Ascending Triangle on 1D. Signal: Bullish as the price made a Higher Low. Target: 874.00 (the 1D Resistance Zone).