Technical Analysis: Metals
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Spot PLATINUM
Tue, Jul 22 2008, 09:49 GMT
by Nicole Elliott
Comment: Bizarre price action so far this year as we consolidate under $2200 per ounce in a sort of ‘triangle’. This much needed pause after Q1 2008’s fireworks has brought prices back on to the ‘trendline’ that started the rally in 2007 and has allowed the Ichimoku ‘cloud’ to catch up. Platinum has give up 61% of this year’s gains but is certainly not ‘cheap’ yet. We feel there is a better than even chance that it will base this summer between $1800 and $1750, allowing it to trade back up to $2150 by Q4 2008. The question will be whether or not it will keep pace with the US dollar weakness we continue to predict. Our current view is that wholesale commodity prices will lag gains in the strongest currencies and provide a poor ‘currency hedge’.
Strategy: Buy$1875/$1800; stop below $1700. Add to longs on a weekly close above $1900 for the psychological $2000 area, taking profits around $2100/$2150.
Published on Tue, Jul 22 2008, 09:50 GMT
Archive
- 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 - Spot GOLD
Published On Thu, Oct 9 2008, 14:54 GMT
Mizuho Corporate Bank
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http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
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