60 Minute Platinum

2-1-13 PL.jpgI am going to do something a little different today as opposed to a daily or weekly chart, above you will see a 60 minute chart of platinum. In this chart you can see activity over the last 3 weeks and you will notice that platinum is a sale around $1700 and a buy around $1660. I prefer to be a seller so I have opted to sell with clients and cover on the lower end of the range as opposed to reverse. To shed a brighter light look at the daily chart and you will notice that prices rallied 12% from the first of the year but have consolidated since. My stance is that in the coming weeks we could get a bigger break putting prices well below $1660 but until that happens play the range.
A futures contract is 50 ounces which means that every $1 move you’re making or losing $50 per futures contract. Also seen on the daily chart if prices were to trade back to their 50 and 100 day MAs this would put April futures $60-70 lower. Coincidence or not this would also amount in a 50% retracement so I think a reasonable target as enough technicals are pointing to that level. Be willing let go of the trade on a settlement above $1705.
To discuss in more detail this chart or any other you can reach me at: mbradbard@rcmam.com or 954-929-9997
Risk Disclaimer: The opinions contained herein are for general information only and are not intended to provide specific investment advice or recommendations and are not tailored to any specific’s investor’s needs or investment goals. You should fully understand the risks associated with trading futures, options and retail off-exchange foreign currency transactions (“Forex”) before making any trades. Trading futures, options, and Forex involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change without notice. Past performance is not necessarily indicative of future results.

Comments are closed.