Angloplatinum (AMS): An Attractive Long
AMS price has found itself in a rising wedge defined by pink resistance and black support, a break of the black line validates the wedge & guides price decline.
The blue line strictly defines the inclining trendline of a daily cycle which price must break enroute to confirm a cycle low, the black line can also define a cycle only if price fails to reach the blue line. Ideally price must go lower than R923.03.
The green line defines the long cycle confirmation by closing above this line on monthly basis it means higher prices for longer. We watch the bearish wedge in the meantime to see if we get ideal setup for a long position with great reward, the dotted green line seems to suggest we will not fill the wedge before breaking down.
The blue line strictly defines the inclining trendline of a daily cycle which price must break enroute to confirm a cycle low, the black line can also define a cycle only if price fails to reach the blue line. Ideally price must go lower than R923.03.
The green line defines the long cycle confirmation by closing above this line on monthly basis it means higher prices for longer. We watch the bearish wedge in the meantime to see if we get ideal setup for a long position with great reward, the dotted green line seems to suggest we will not fill the wedge before breaking down.
Commentaire:
AMS seems to be angling to confirm 26 May as a cycle low, the reversal candles we have now can be seen as a move to backtest this low before moving higher. The miners lagged platinum so we can expect them to run despite platinum weakness or ranging price.
Trade fermée manuellement:
AMS has failed the cycle, though oversold, it is now below too many areas of strong resistance, will re-assess.
