There is a head and Shoulders formation on platinum that could keep bulls on the hold,
One thing about price action and TA though is that what can not evolve vertical in price it can evolve sideways in time.
What I mean here is one would expect according to that H&S for price to go in lower levels, instead of that though and because of the strong support we found on the 50MA on the daily - marked by the green line on chart - price has been moving sideways using that level as a good buy zone
Also the down slopping trend line underneath is the trend we broke out after that multiyear bear market taken from that pick we had back on end of February 2008 , so we see that having all this support underneath we have a good reason to believe that price is set to go to the upside on the long term.
Forming that sideways move as we do at the moment negates the bearish sentiment of the H&S formation . A spike up will not favor the bulls at the moment as it will valid the bearish pattern.
I would like to see the price moving sideways for a while reversing slowly to the upside as it actually does for the last couple of days.
One thing about price action and TA though is that what can not evolve vertical in price it can evolve sideways in time.
What I mean here is one would expect according to that H&S for price to go in lower levels, instead of that though and because of the strong support we found on the 50MA on the daily - marked by the green line on chart - price has been moving sideways using that level as a good buy zone
Also the down slopping trend line underneath is the trend we broke out after that multiyear bear market taken from that pick we had back on end of February 2008 , so we see that having all this support underneath we have a good reason to believe that price is set to go to the upside on the long term.
Forming that sideways move as we do at the moment negates the bearish sentiment of the H&S formation . A spike up will not favor the bulls at the moment as it will valid the bearish pattern.
I would like to see the price moving sideways for a while reversing slowly to the upside as it actually does for the last couple of days.