Platinum has broken out above $1000, in futures and cash trading
during the last week of trading, and is holding support on a retest above that important big number.
Commercials have been net short according to the Commitment of Traders,
so the move above $1000 has forced some big money traders to start covering their bets.
I am long platinum with PPLT, the Platinum Cash ETF,
and would use any declines back towards $1000,
to accumulate additional long position in this very precious metal.
Keep in mind,Platinum moves very quickly,
when size, or big money is added to the trade, in an otherwise thin market.
A breakout above $1016, from the "Base Pattern: building above $1000
could soon move Platinum back towards the January High near $1040
PLJ20 Last 1012.00
THE_UNWIND
1/24/20
NEW YORK
during the last week of trading, and is holding support on a retest above that important big number.
Commercials have been net short according to the Commitment of Traders,
so the move above $1000 has forced some big money traders to start covering their bets.
I am long platinum with PPLT, the Platinum Cash ETF,
and would use any declines back towards $1000,
to accumulate additional long position in this very precious metal.
Keep in mind,Platinum moves very quickly,
when size, or big money is added to the trade, in an otherwise thin market.
A breakout above $1016, from the "Base Pattern: building above $1000
could soon move Platinum back towards the January High near $1040
PLJ20 Last 1012.00
THE_UNWIND
1/24/20
NEW YORK
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.