I will go into details soon. But first the most important: if I am right, and there is a bull flag developing in Platinum daily chart, the breakout would have very serious consequences. A flag break and bullish continuation could have a measured target of 1175-1200!!! Spot Price is ard 952 now (July futures trades ard 954,5)
Weekly:
- After the shorter term trendline was broken, price retested Kumo. This caused a weak bullish Tenkan/Kijun cross (two weeks ago) and turned the whole Ichimoku setup towards neutral.
- EWO moved back to zero from deep red -> neutral now.
- Heikin-Ashi has signalled some indecision in last three weeks: no higher highs, small body or doji candles and haDelta slipped back to zero. However so far this 3,5 weeks price action looks rather like a consolidation, not like a strong pull back with high momentum!
One more warning signal: haDelta/SMA3 may cross back up again! End of week will be very important!
Daily:
Here comes the interesting stuff.
- Ichimoku still has bullish bias, but since Price slipped back below Kijun, Chikou hit past candles and Kumo cloud shades price a bit ahead, it can be valued as neutral too. It would turn bullish again with a Price cross back above Kijun (26 days avg - red line)
- The Cloud is thick, which means there is a strong Kumo support below Price. Also 100WMA and Senkou B are quite far below price, should act as strong support at 920.
- But the most important is the Heikin-Ashi price action. There is quite some noise even with this filter, but the pattern is getting clearer! Platinum may be building a big bullish flag! Bull flags have high chance to break on top side and extend into a massive bullish trend continuation!
Today candle is interesting: it had a slightly lower low than yesterday, but not lower than the 28/March local low. Meanwhile today candle also has an inside body, with a positive divergence and a cross up in haDelta/SMA3. This price action shows big fight between bulls and bears.
The decisive factors - what we need to look at:
-> haDelta/SMA3 has to come back above zero, suggesting increasing buying power and more bullish momentum
-> Candles should start print green bodies, optimally without lower wicks.
-> price should hit SAR and break out above possible flag top!
I think Platinum is a buy on dips, and has to be considered as a massive leveraged buy above 990-1000!
Flag breakout possible target would be 1180-1200! Finally have a look back a Weekly chart! Guess where the second major long term trendline comes in 26 weeks ahead? -> 1170+ :-)
p.s.: one question: does anybody have any idea why Platinum price has been so much lower than Gold price?
Weekly:
- After the shorter term trendline was broken, price retested Kumo. This caused a weak bullish Tenkan/Kijun cross (two weeks ago) and turned the whole Ichimoku setup towards neutral.
- EWO moved back to zero from deep red -> neutral now.
- Heikin-Ashi has signalled some indecision in last three weeks: no higher highs, small body or doji candles and haDelta slipped back to zero. However so far this 3,5 weeks price action looks rather like a consolidation, not like a strong pull back with high momentum!
One more warning signal: haDelta/SMA3 may cross back up again! End of week will be very important!
Daily:
Here comes the interesting stuff.
- Ichimoku still has bullish bias, but since Price slipped back below Kijun, Chikou hit past candles and Kumo cloud shades price a bit ahead, it can be valued as neutral too. It would turn bullish again with a Price cross back above Kijun (26 days avg - red line)
- The Cloud is thick, which means there is a strong Kumo support below Price. Also 100WMA and Senkou B are quite far below price, should act as strong support at 920.
- But the most important is the Heikin-Ashi price action. There is quite some noise even with this filter, but the pattern is getting clearer! Platinum may be building a big bullish flag! Bull flags have high chance to break on top side and extend into a massive bullish trend continuation!
Today candle is interesting: it had a slightly lower low than yesterday, but not lower than the 28/March local low. Meanwhile today candle also has an inside body, with a positive divergence and a cross up in haDelta/SMA3. This price action shows big fight between bulls and bears.
The decisive factors - what we need to look at:
-> haDelta/SMA3 has to come back above zero, suggesting increasing buying power and more bullish momentum
-> Candles should start print green bodies, optimally without lower wicks.
-> price should hit SAR and break out above possible flag top!
I think Platinum is a buy on dips, and has to be considered as a massive leveraged buy above 990-1000!
Flag breakout possible target would be 1180-1200! Finally have a look back a Weekly chart! Guess where the second major long term trendline comes in 26 weeks ahead? -> 1170+ :-)
p.s.: one question: does anybody have any idea why Platinum price has been so much lower than Gold price?
