Platinum is developing a "Bull Flag" pattern on the Daily chart, see right hand side below. The flag is a continuation pattern and the textbook pattern should have strong volume in the "Pole/Mast" and diminishing volume in the "Flag". The flag represents short sellers averaging down to losing positions or short sellers trying to time the top. Should the breakout off the flag to the upside come on increasing volume the short will be asking for a beating with this flag appearing near the highs.
The coverage of Platinum will be a staple in the subscription based service in the daily updates for the time being and trades in the model portfolio are laid out to subscribers.
Tomorrow begins the next issue for the the subscriptions based service. Things should only be getting more interesting in the precious metals arena in February.
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There's also a neat symmetrical triangle appearing within the bull flag on the 30 minute chart since the 27th (4 points so far). An upward breakout on the 5th point would lead to a cascade situation, where the bull flag would also be completed.
ReplyDeleteOut of interest, the completion of the flag move on the daily chart could also lead to a breakout on the multi-year massive triangle chart on the weekly chart.
Best wishes
Rob