200 period moving average: 1,015.71
14 day relative strength index: 40.08
The bearish trend of the MACD is losing momentum.
The ounce of platinum in Swiss Francs is currently trading at 913.43 which is 11.20% below its 200 period moving average. This instrument is trading above its daily pivot point of 894.28, which is a short term bullish factor.
Looking further out, our proprietary medium term trend indicator is bearish. The Directional Market Index is negative. Weak trend action has been detected in this market, therefore it is unlikely that opening a position will result in significant returns at the current time..
In spite of the negtive medium term trend for platinum, the long term outlook suggests that downside potential is limited. The Fibonacci 61.8% retracement level from the recent 18 month range comes in at 800 where significant support can be expected. The 800 level also shows up on the long term quarterly chart as the Fibonacci 78.6% retracement line measured over the past 30 years and one can expect massive accumulation within this price area.
Our opinions are not a recommendation to buy or sell a security. Your decision whether or not to open a
transaction should be based on your own due diligence and not on any representation we make to you.
The Elasticity Toolkit for Metastock was created to obtain maximum gains in both sideways and trending markets with minimum risk. Developed by Timothy Straiton, the system performs with incredible results in almost all equity markets with a daily periodicity. The Elasticity trading system focuses on short-term market fluctuations and takes advantage of deviation or "elasticity" from the mean price. Imagine the action of a rubber band being stretched and at the moment where the expansion loses momentum, a contraction takes place, forcing movement in the opposite direction. The Elasticity trading system signals a trade at the moment the deviation from the mean loses momentum.