Inverse H&S for platinumLooks like a very solid bottom formation. Safe play is waiting for a break of the neckline, risky play is starting to scale in here. Should not drop below the 815 anymore
Platinum
It's time to bet on platinumFor almost two and a half years, JSE:AMS was stuck in a range of between R260 and R380, only once breaking out for a brief period.
In July of this year, however, the stock found good momentum, reaching a high of R500.37. It has since come off this high and is now offering traders a good entry point. Take a look at the above chart.
Firstly, note how Amplats is reacting to its 50-day EMA. It appears to be finding support at this level, which is a good indication that it could return to bullish momentum.
In addition, looking at the Slow Stochastic, JSE:AMS is somewhat oversold at these levels. For this reason I expect the share to turn to the upside.
Looking at the chart, I can't help but have a bullish view on Amplats and for this reason I will be going long on this stock.
Action: Place a Limit order to BUY at R460 with Stop Loss set at R425. I will aim to take profit at R495 and R520 respectively.
Margin: 13%
Gearing: 7.69x
Gain: +100.33%
Risk: -58.53%
XPTUSD: Pull back completed. Resuming the bearish trend.Platinum has nearly completed a 0.382 Fibonacci retracement (860.500) on the 1W chart (1029 Top - 756.500 Bottom) and the price should be technically ready to reverse again lower and follow the long term bearish trend. 4H has already developed a Channel Down (RSI = 43.280, Highs/Lows = -0.2893, B/BP = -3.7820) which may spread to 1D (also on Highs/Lows = -1.3214, B/BP = -2.800). 807.070 is the 1D support that needs to be crossed. Also watch for the Higher Low supporting lines (indicated in red). Short, TP = 792.940 and 756.550 in extension.
Platinum, inverse Head and Shoulder patternReverse H&S pattern formed on a daily time frame. RSI divergence as well. Now a down trend line broken, 50 and 100 SMA and the neckline of the pattern. MPO set to go to 920 area. Potential resistance in the way is 880 and 900 level and 200 SMA. The pattern formed after a bounce from a major support zone on a weekly chart. Platinum reflects the gold chart and is priced in dollars.
$PLATINUM XPTUSD coming back from 2 decade lows $PLATINUM XPTUSD coming back from 2 decade lows . Needs RSI to go above 50 and stay there. Also watch for 21ema/50dma cross. This can be epic
Major Platinum Long OpportunityPlatinum acts as a substitute to Palladium for material in catalytic converters. Only quite recently has the price of Palladium soared (currently at 1,070) above the price of Platinum (816), this will make platinum a more attractive option for producers and this demand should drive the price up.
The Platinum price has bounced strongly off the all-time low support set in October 2008. I will be looking to take up a long position very soon and will hold that position until a price of 1,000 has been reached.
This is not investment advice. I use these posts as a method of self-improvement in my trading. Good luck!
XPT/USD - Long Term ReversalXPT/USD has for the first time broken above the 200 EMA since the beginning of the year of 2018.
This is a good sign of long term reversal from a bearish trend to a bullish trend.
***We can expect it to move higher up if the current support above the 50 EMA on the 4 Hour holds strong.
Give it some more time for confirmation, and enter as it confirms its support and strength to move up.
Trade safe :)
GOLD: is Platinum anticipating Gold's move?Hallo again,
following my previous post please find below the daily chart of Platinum that may anticipate a move in Gold.
Remember that on the 25-26 September there is the FED meeting.
Please share your views and comments. Any idea is a contribution for better understanding The Matrix.
Please note that I am not a professional trader and these are my personal ideas only.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Thank you for following and for sharing your ideas.
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Inverted Adam and Eve Reversal Pattern - BullishXPTUSD broke out of the Adam and Eve pattern.
Cheers!
Platinum/ Japanese Yen updateAnyone that is in this buy, you might want to consider letting some run to the 50-62% area. It will definitely face some resistance at the 38% fib/ low (ray line) area, but considering how it looks, it may correct and continue upward. The daily is showing to be overextended, but the weekly looks like it may trend up more. All the platinum charts were showing confluence in pattern and price action.
Platinum future (PL) Platinum price can reach 1000 level sooner according to my analysis.
All we need to get profit is to buy with good money management and hold it.
...
30% of platinum is used for Jewelry.
43% of platinum is used for automotive.
And other 27% is used for several purpose.
...
South African miners are the biggest source of platinum.
..
70% - South Africa
11% - Russia
7% - Zimbabwe
12% - other countries
....
the rise of electric cars reduce the demand of diesel engines, so platinum miners in South Africa cuts thousands of jobs.
As a result. the platinum price fall.
...
But , new source for demand of platinum will be found sooner so the price can reach normal level in this year.
I stand for up trend.
...
Thanks.
GOLD TO $1100 NOWLooks like we might have just entered the 5th and last bearish wave (Elliott wave) before possible new bull run. If we go below 1192 we might re-test 1160 and eventually test 1130 and possibly even 1100. I guess we are only few candle sticks away from finding out which way the markets will go in upcoming weeks.
Opposite scenario: The only thing that could save us now is if we get above 1220, that would mean we could be heading towards re-testing 1240 and if that resistance breaks a new UP trend would be confirmed.
I suggest to watch Platinum closely on 1H chart, it was more volatile in past days and you can clearly see the change of direction approx.1 hour earlier.
If gold goes down most of the precious metals will follow, oil would go most likely UP but a correction is overdue.
XPTJPY updateThat was a killer trade entry with huge potential upside. The 23 and 38% yellow fib levels will be key levels for price to break because if it breaks the 38%, then we should have at least a large 3 wave "X" correction (50-62%), potentially more in the long term. But watch for corrections off the 23 and 38% levels for possible buy entries.
Platinum-Japanese Yen XPTJPYXPTJPY broke fork and channel line of what looks to be an exhausting (shortening) wave pattern. I have posted a few different Platinum charts. I wish I would have caught that right off the 1.618 (would have had I been watching. The Weekly TDI is way bottomed out with shark fin. I would be looking to retest the level at low marked by ray line, but this is a point in a pattern where you can get a much deeper pullback, see 50-62% Fib retrace levels.
Platinum EuroPlatinum is looking poised to go up against the dollar and the euro. At a key fib level. If it was to break this level it will definitely shoot off the one below. We can wind up with a fairly large move up. I consider it still to be in a corrective structure that is part of its last shorter leg down. We have a potential reversal pattern already on the daily.
