PLATINUMTINUM ($) – bullish breakout
Trend: Medium term up. Short term neutral. Strategy: Buy on a pullback towards line 3.
Platinum has broken out of a large channel (lines 1 and 2), but not altogether convincingly yet. Having pulled back (in the short term) to test support lines 2 and 3, the price is vulnerable to another short-term pullback to line 3 at $1 168 (spot closing price) before moving up again in earnest. • The daily relative strength index (RSI, on top) is neutral but can have another dip to its oversold level before reversing up again. • The general strategy however is to buy pullbacks. Therefore, buy a pullback towards line 3 ($1 168), but wait for a sign of it reversing up off/near line 3 before entering. • The medium-term upside target is $1 370, which is mea-
sured as the height of channel 1-2 projected up. • When buying on a pullback to line 3, place your initial
stop-loss as a closing price below $1 160 (spot price).