Platinum. Trading and Trending.

Some of our adroit readers correctly saw the short term pattern in PGM and bailed.  This was skillful.  From a trading viewpoint.  On the other hand the trend is still up.  The downwave here looks nasty (13.4%) but it is well within the general trend.  Also of interest the price is right at the present breakaway gap — these tend to arrest declines.  Also the last gap looks like an exhaustion gap.  Traders who bailed might want to stick a toe back in and we are thinking of increasing our trend commitment.  

Actually the basing point here is 3-5% under the March low.  An interesting situation.  We’ll see how it turns out.  Sponsors of these efforts like to wipe out as many holders as possible with these “flush and run” patterns.  The flush has taken place.  Will the run?

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This Post Has One Comment

  1. alain

    Prof. Bassetti
    I see what you mean. Compared PGM with PTM. PTM seems to have lower volatility and higher volume now. Platinum and copper (JJC) are probably equal good to trade these days. Saw that Aluminium bottoms also, its ETF (JJU) must increase in volume prior I will buy.
    Alain

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