Platinum Top on the Way..
Commercial producers in Platinum have been heavy sellers in the NYMEX contract lately. This action typically bodes poorly for Platinum prices shortly thereafter. Once the commercials get down to -50k contracts, this can be a good signal to short. Using this weeks "Eskom Power Shortage" news to open a new short position on the NYMEX PL contract.
In times passed, any news relating to a South African miner's strike or a Eskom Power issue typically results in a 2-3 day price jump which is short lived as the producers come in to sell it back down. Will add additional contracts every $10 higher. Profit target is when the commercials have covered contracts (or have delivered metal) back into the -20k range which likely means the $780 to $800 range.
In times passed, any news relating to a South African miner's strike or a Eskom Power issue typically results in a 2-3 day price jump which is short lived as the producers come in to sell it back down. Will add additional contracts every $10 higher. Profit target is when the commercials have covered contracts (or have delivered metal) back into the -20k range which likely means the $780 to $800 range.
Trade fermée: ordre d’arrêt atteint
Stop hit at previous swing high of $951.30 basis January futures.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.