3 contracts Short on PlatinumBreakout of trendline | Fib retreacement | Short trend till 966 in order to close the previous inefficiency.
PLM2024 trade ideas
Adding one more contract Short on Platinum in case of break Waiting for the break to short one more contract on PL.
Ready to close the trade once all inefficiencies are covered.
Platinum last line in the sand#platinum reversing at first touch of a 16 year downtrend line. I didn't see it until today, so now I know that this is the prevailing breakout line on the weekly chart.
I've drawn a small projection just to better illustrate where I think next resist/supports are, and not for timing.
Platinum 2WDue to the placement of the platinum price at the lowest weekly Bollinger support level and investors entering to buy platinum last month, we can expect an increase in the price of platinum and other metals in the next 3 weeks up to the specified targets.
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.
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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.
Platinum looks like its getting ready for a big movePL is looking primed to start the move towards new ATH. We have put in a Re-Accumulation on the weekly and are currently in the BU/LPS phase, during which we have also put in a LTF Accumulation on the Daily. I'll be looking to get involved this week long wherever I can find a low risk entry. 1st Target I'll be looking for is 1031.1
After that next targets are ~1350, 1750, 1920, and finally 2308.8
$PL1! WOW!!! Mr PlatinumNYMEX:PL1!
WOW!!!
Mr Platinum, how are you?
You did play out as expected.
Now, Let,s go to the bank together.
And also. Let us do it again and again!!!
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.
Over Night Platinum Futures Position Initiated a trade yesterday evening, albeit slightly delayed, upon recognizing an upward continuation trend. Confirmation from both MACD and STOCH indicators. Employed a 35 TICK stop loss and a 178 TICK take profit. Closed the position this morning at 9:30 AM. Best wishes to all fellow traders!
Entry: 919.0
Stop Loss: 915.5
Take Profit: 936.8
Platinum: Not yet done 📉We currently locate the platinum price in the green wave (b). As soon as this low has been placed little further down the chart, we expect another major detour with green waves X and Y before we can consider the important low of the blue wave (b) to be completed. Please note our alternative: If the price falls directly below the support at $843.10 (40% likely), we assume that the alternative wave alt. (b) will be completed directly.
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.
Platinum. Insider activityA curious spread has opened on Platinum with a volume of 1000 contracts. If you are familiar with the subject, you will realize that an Insider has entered the market. Such deals only appear once or twice a year. Don't miss it!
Spread Expiration - Oct 18, 2024.
!!!!!!Get a Better Trade Ideas with Us!!!!!!
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.
PL Update green moneyI couldn't resist sharing this, out of all 12+ of my overlays this one with Mort Diggidys Renako Overlay ATR Green/Red indicator works the best. Look how it colors allo the candles green to indicate we go up.
This is a 3 day chart, so 18 days of buying according to mr Renko.
PL Buy signaledI discovered that PL a precious metal had fallen 100 points and nobody noticed. I posted it as a buy 3 times and teach time it went up 30-50 points 30 points. I didn't watch it for a while, and it had a trading life all on it's own. Now i se it as a huge bargain again.
Platinum: A few more strokes🖌️The platinum price is currently in the final phase of its blue wave (ii). It has not yet been able to overcome the resistance at $947.10 and has bounced off it. In the further course, however, this should be left behind as we do not expect the end of the movement until the blue Target Zone between $966.60 and $992.20. From here, a descent should then begin and the price should fall to around $750.
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.
PL Platinum buy signalRemember the last two imes we traded PL at $5 per .10 pt or $50 per point?
It wnt up each time I wrote an idea about it. Now it is totally oversold, past the S6 bottom of The Pivots.
I expect people to see this and buying commence on Monday.
more on types of daysToday we got a day with a nice trending run up, then the rest of the day it traded in a 10 to 15 point range
it i extremely hard to trade 10 point moves, we all wait for confirmation ( 3 points lost), then execute the trade (1 more point), then when it reverses and comes back 5 points, no profit.
I took the rest of the day off when I saw this. They call this a sideways day I call it chop.
platinum PL1! poised to take off againlast time i mentioned pl it shot from 906 to 950, 44 points X $50 per point == $2200 per share. Could this be our personal gold mine.
PL like PA i very oversold IMO AND HAS DROPPED from ity's lasty rallty to S5 the extreme of The Pivots.
many of my 120= ideas recently have shown how it is possible to 'win' close to 100% of the time buying at the extreme lows and selling at the extreme highs.
PL that's right Platinum againPL is vastly oversold, down from 2200 to 906, an we have a month of buying see the channel? Platinum is worth more than gold. It's a real bargain IMO.
