Are you fed up with the complex moves of equity trading instruments and looking for easy options? This technical analysis of Platinum has identified a hassle-free trading option for you. After analysis of Platinum’s long-term trend and price behavior at various levels, important buying and selling levels are identified. These price levels will enable you to easily trade Platinum over the next decade.
Contents
Trend Analysis of Platinum:
The figure below shows 2 trend lines drawn to the weekly price chart of platinum. Currently, the price is following a down-trend line; it is being pushed downward every time it approaches this trend line. It is pertinent to note that platinum price has broken this downtrend line once in May-2023 but it faced resistance from the previous up-trend line. So again it was pushed downwards.
Analysis of Demand & Supply Zones:
The figure below mentions the demand and supply zones of platinum. The strong supply zone lies at $1120 and the selling pressure repeatedly pushes the price downward. On the other hand, a significant demand zone at $838 is able to push the price upwards repeatedly.
Apart from this historical resistance lies at $1343, whereas, historical support lies at $770.
Bearish Price Channel Formation:
A careful look at ongoing price action reveals that the platinum price has formed a bearish price channel with the lower boundary of the channel pushing the price upward and the upper boundary pushing the price downwards. Overall the price has been ping-ponged within two trend lines since 2021.
How to Trade Platinum?
There are 3 options present for trading Platinum;
- Buy at the support zone ($838) and sell at the resistance zone ($1120). Clear support & resistance zones are mentioned above.
- Every time, buy at the lower boundary of the above channel and sell at the upper boundary of this channel.
- Accumulate Platinum between $838 to $770 for the long-term investment. It will bounce from historical support.
End Note:
Presented above is the most simplified technical analysis of Platinum. Price action is elaborated in most easiest format. Three easy trading options are also mentioned, thus, making it one of the easiest trading instruments to ride and sell aside. Trade or invest, Platinum is the best!
