Mostly: Classical

[amarksp]

Rand Price of Platinum



Strategy: Continue buying platinum stocks on pullbacks.

Updating the chart of the rand platinum price shown here six weeks ago, we see the price continuing climbing, as expected.

The large upside target is still R6 910, which is measured as the height of the large falling wedge (lines 1 and 2) projected up.

However, in the short term the relative strength index (RSI, on top) is overbought and a pullback to R6 050 is expected soon before more upside.

Consequently, traders should keep raising their trailing stops on their platinum holdings (to lock-in profits) and then re-enter on corrections.

Because the "big picture" still looks very good, traders and medium-term players continue adopting this strategy - buying on minor corrections - until the large upside target is eventually reached. Long-term investors simply keep holding platinum stocks for the entire run to the target.

http://www.miningmx.com/platinum/540126.htm