Scanning for chart patterns in real time
Autochartist makes it easier to trade successfully with its tools that automatically identifies chart and Fibonacci patterns.While Platinum’s daily chart looks to cap off a three-day rally from a previously weak market, it seems the bulls are losing buying momentum and are ready to take some profit as the market closes for the three-day holiday weekend. The 15-minute intraday time frame tells the short-term story: consolidation within an Ascending Triangle, which seems poised to break down through uptrend line support at 1556.3 (X).
The sideways-moving accumulation market cycle is confirmed by the three-bar Autochartist Initial Trend reading. This suggests that the Autochartist Initial Movement/Momentum (AIM) entry would best capitalize on any break, higher or lower, through the pattern. The slight bias to the downside comes from the negative MACD Histogram, as well as the weakness with which Platinum traded into the close. Look for a breakdown to test the recent low at 1549.
