Lon came in with a surprising large loss today,also the platinum price has pulled back to about $1300 which is about $200 down....AMS has also gone down since Friday....On the positive side The Rand seems to be weakening for a change and there is definitely a longer term need for platinum.
It is below the 200day MA, cant find any records of 3 doji,so I presume each one means major market indicision. All my charts are OK, but the ADX is below 30 and have a buy signal. AMS and IMP seem to trake each other lately AMS reacts quicker to the market changes. shorted IMP friday
Also went short on Thursday according to my system , then saw 3 days of sideways trading. Still waiting for the movement to kick in. Is there a name for the formation that has just formed on the charts?
Bearish engulfment on 4 and 5th, 6th did not confirm. 7th evening star starting to form, again no confirmation on the 8th. 8th doji, market indicision 11th doji, market still undecided 14day ADX is a sell, sitting on 200d MA
Lonmin CEO was quoted some time ago as saying that platinum was in oversupply, and that the price was due to correct. More importantly, the rand strength is countering any gains in the platinum price, so I guess for shares such as Implats, this is bad news.
me thinks its too late to go short this time,some of my signals show another up run in the offing,probably tomorrow....generally there is likely to be a pullback nearer end of the month,one reason s that Chrysler innner workings now shown to the public that they are hopelessly brankrupt,almost beyond chapter 11!....therefore thinking rest of car market cannot be far behind.
The price of platinum and Rand exchange controls platinum share prices,not the direction on a chart of a single share....I watch both CNN.commodities and on our key market statistics....as Cnn's prices are futures they are only updated around 8 pm nightly in america....if our local index is above this then the platinum price is rising or if its below then it falling on our local charts....by the way our chart tracks the price through out 24 hours....there are other indicators of related minerals which are difficult to explain why ,but help me decide whats going to happen to gold and platinum.if only i could show u in person!