XPTUSD About to confirm a bullish break-out.Pattern: Bullish Megaphone on 1D.
Signal: Buy as the RSI broke above its Lower Highs trend-line. For a stronger confirmation you may wait for either a break above the 1D MA50 (blue trend-line) or the Lower Highs trend-line of the price since the February 16 High.
Target: Either the 5.0 or 6.0 Fibonacci extension.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Ether2020
--------------------------------------------------------------------------------------------------------
XPTUSD
PLATINUM XPTUSDIf #platinum drops to $1114 level which is 0 FIB. RET. then it will be an extreme oversold. Considering industrial shortages and inflationary environment this metal should rebound very fast. Current sell off does not make any sense. Just recently #platinum was outperforming both #gold and #silver
XPTUSD – bearish continuation …07 June, 2021While Gold had been rising, Platinum has been on a decline recently. It did make a multi-year high on 16 Feb but fell back right away. Recently it has been consolidating within a channel and on Thu last week , it broke out impulsively below it. Friday’s price action was choppy (check out H4 chart) and I see it like a pullback to the channel bottom. I anticipate a bearish continuation in this metal with targets located at $1128 and possibly $1000 area.
As always, watching the price action on a lower time frame before committing to a trade is advisable.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
XPTUSD bearing signals appearXPTUSD has broken the channel support line indicating a move lower however many key indicators are converging.
A small head and shoulders appears at the same area also indicating a downward move.
Breaking the neckline alone in this case isn't enough because zooming out this is still an bull market and I don't like to go short in a longer term upward move so I'll need to see more evidence of a reversal.
Momentum indicators such as MACD with default settings indicate a move lower (not included as chart is getting busy). However 100 EMA may be acting as support.
I'll be looking for a failed test of the right shoulder of the head and shoulders before going short (indicated by blue direction line) or alternatively a break below of the "support level 1" line and the 100 EMA.
If the longer term bull market continues then for a long trade I'll be conservative and wait for highs above the head (Resistance Level 2), and hopefully make some pips before (Resistance Level 3).
Still learning and new at this so looking for other people's views on how this might materialise.
Platinum could fall to 1000After the short-lived spike above 1300, Platinum fell to 1100. A rise began from this point and a new attempt to conquers 1300
However, the rise is corrective and we can expect a new leg down soon.
From a technical perspective, Platinum is trading at 1200 at this moment and is under the trend line support of this channel.
Bears hold the upper hand now and rallies above 1200 should be sold.
1k important support could be the medium-term target and a daily close above 1300 would negate this scenario
XPTUSD Entry Price Between Fibonacci 0.236 and 0.382Watch for an entry near Fibonacci Retracement Level 0.236 (Price 1256.302) and Resistance Level Turn Support at Price 1255.450.
Wait for a price action signal in the form of pin bar at Fibonacci Level Area 0.236 and 0.382. You will want to enter a buy order in the area of Exponential Moving Average Period 10 and Exponential Moving Average Period 20 "AND" the area of Fibonacci Retracement Level 0.236 and 0.382.
So, for confluence, use the following factors:
Look for a Pin Bar in a pull back at
* Fibonacci Retracement Horizontal Level (0.236 0.500)
* Support Resistance Horizontal Key Level (1255.450)
* Support Resistance Diagonal Level (Trend Line)
* Dynamic Support Resistance (EMA 10 EMA 20)
PLATINUM (XPTUSD) starting a long-term rallyPattern: Channel Up on 1D.
Signal: Buy as the price has been consolidating near the Channel's Higher Lows trend-line in a manner similar to November 2020. Identical MACD sequences also.
Target: 1330 (current Resistance on 1D) medium-term and 1550 (Higher Highs trend-line of the Channel Up) long-term.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> kylevd23
--------------------------------------------------------------------------------------------------------