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Technical Analysis: Metals
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Spot PLATINUM
Wed, Jun 24 2009, 16:15 GMT
by Nicole Elliott
Comment: This year’s rally, having corrected 38% of last year’s massive collapse, looks set to take a breather. Expect consolidation over the next month or two with the downside hopefully being limited by the lower edge of the Ichimoku ‘cloud’ and the 26-week moving average. Many will probably be hoping that prices hold above the psychological $1000.00 level and, while we cannot promise it will not break below here, we feel these will be brief - mere blips. As to the upside, $1300/1335 is pivotal, having capped in 2006, and much of 2007, as well as being Fibonacci retracement. While unlikely for a few months, a break above here would add significant bullish momentum for a sharp rally to the $1700 area. New record highs are still a very long way out though it should keep pace with the value of spot Gold.
Strategy: Buy at $1150, adding to $1100; stop well below $1000. Add to longs on a weekly close above $1300 for $1475 short term, $1650/1700 medium term, and probably more very long term.
Published on Wed, Jun 24 2009, 16:17 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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