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Technical Analysis: Metals
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Spot PLATINUM
Thu, Nov 19 2009, 08:23 GMT
by Nicole Elliott
Comment: Spot Palladium is one of this year’s best performing metals, along with LME Lead and Copper, dragging the rest of the Platinum Group with it. Having retraced half of 2008’s decline, and the Lagging Span just under the lower edge of a huge Ichimoku ‘cloud’, it might need to consolidate at current levels for a few weeks. On the other hand as all elements on this chart point to a long position, and as bullish momentum is stronger than it has been in over a year, maybe it will soar higher despite being overbought as was the case in 2000, 2001 and 2008. A break above $425.00 confirms the next big leg of the bull market is under way.
Strategy: Buy at $371.50, adding to $345.00; stop below $313.00. Add to longs on a weekly close above $425.00 for $565.00/590.00 and maybe $800.00 if enough pressure builds.
Published on Thu, Nov 19 2009, 08:23 GMT
Archive
- Spot PLATINUM
Published On Thu, Nov 19 2009, 08:23 GMT - Spot PLATINUM
Published On Wed, Jun 24 2009, 16:15 GMT - Spot GOLD
Published On Tue, May 19 2009, 09:42 GMT - LME 3-Month COPPER
Published On Fri, Mar 20 2009, 10:31 GMT - Spot SILVER
Published On Mon, Jan 26 2009, 17:20 GMT
Mizuho Corporate Bank
| 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
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The information contained in this page is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This page has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.Related reports
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