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Platinum Futures Analysis

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Platinum Futures

 

Commodity trading is not suitable for everyone. The risk of loss in trading can be substantial. This material has been prepared by a sales or trading employee or agent of Van Commodities, Inc. and is, or is in the nature of, a solicitation. This material is not a research report prepared by Van Commodities, Inc. Research Department. Please view our Risk Disclaimer. 

 

Free in-depth analysis of the Platinum futures market written by a professional Platinum trader.

 

 

May 07, 2013

Platinum Futures Trader, Van Commodities, Inc.

The Crude Oil contract (CLM13), basis the weekly continuation chart, continues to trade within the contracting trading range that has contained price for the past two years. Energy traders will be looking for the Energy Information Administration (EIA) weekly petroleum status report tomorrow at 10:30 EST, for price direction. Trader’s expectations are for a build in crude inventories of 1.75-1.90 million barrels. A further build would continue to add crude oil to the approximately three hundred ninety- five million barrels of inventory already in place, an amount that stands roughly ten percent above the five year average for this time of year. Fundamentally the US domestic market is very well supplied with crude oil.

Although the main item on the agenda for petroleum and product traders tomorrow is the EIA report, energy markets are always vulnerable to geopolitical shocks. Market participants were reminded of geopolitical risk yesterday when traders reacted to news of Israeli missile strikes in Syria over the weekend. CLM13 traded in a roughly two and half percent range, intraday, before closing with a marginal gain from Friday’s settlement.

CLM13 is becoming overbought based on several short term momentum indicators. Initial resistance may come in at 95.85-97.50, with further resistance at 98.22-100.30.

For aggressive traders initial support may appear at 93.00-94.10, with stronger support 90.20-92.00.

February 18, 2013

Platinum Futures Trader, Van Commodities, Inc.

From December 31, 2013 to February 06, 2013 the Platinum Future (PLJ13) rallied roughly fifteen and a half percent. Mining issues in South Africa, resulting in concern over potential supply disruptions and improved growth expectations for the global economy, supported the rally. The contract has since fallen back on renewed concerns about global growth going forward, in particular data indicating further economic weakness in the Euro Zone.

 

PLJ13 registered overbought readings based on several momentum indicators in both short and intermediate term time frames on the rally that scored an intraday high of 1744.5 on February 06. The contract should find initial resistance at 1708.00-1716.00 and stronger selling at 1726.00-1735.00. Initial support may come in at 1654.00-1660.00 with stronger support at 1626.00-1640.00.

January 1, 2013

Platinum Futures Broker, Van Commodities, Inc.

The Platinum future basis the April contract (PLJ13) continues to trade in the defined trading range it has been trapped in for the past year. Uncertainty about the prospects for global growth and therefore demand for autos and catalytic converters has provided support for price on pullbacks and selling on rallies. Global economic data over the next several weeks and months should set the direction for PLJ13 going forward.

 

China’s HSBC Manufacturing Purchasing Managers Index (PMI) released on December 31, 2012 came in at 51.5 up from 50.5 in November, providing a glimpse that China’s economic performance may improve during 2013. The New Year’s holiday shortened week will see several significant economic releases throughout the week from Europe, Canada, China and the US. The statistics will include global information on manufacturing and the service sector as well as the always important US Nonfarm Payroll and Unemployment data on Friday.

 

PLJ13 is oversold on both short and intermediate term time frames. The reversal day on Monday, the last day of the year, along with PLJ13 close at the top end of the days range could signify further upside over the coming days. Over the near term initial support may come in at 1528.00-1534.00 and 1516.00-1525.00. Initial resistance may appear 1550.00-1557.00 and then 1569.00-1582.00.

December 1, 2012

Platinum Futures Trader, Van Commodities, Inc.

Uncertainty about global growth and industrial demand for Platinum has contained the metal since the week of August 22, 2011 when Platinum, basis the weekly nearest futures chart, scored a high trade of $1918.00. The subsequent sell off took the metal down to a low price of 1347.00 December 2011. Since that time Platinum basis the January contract (PLF13) has traded sideways and tightened the range to $352.00, defined by the July 24, 2012 low of $1382.00 and a high of $1734.00 October 05, 2012.

 

On a short term basis PLF13 is somewhat overbought and appears to be running out of upside, based on a couple of momentum studies. Intermediate momentum studies are fairly neutral. Over the near term initial resistance could come in at 1633.00-1640.00 and then 1657.00-1679.0. Initial support could come in at 1575.00-1584.00 and then 1553.00-1564.00.

Platinum Futures Broker, May 13, 2012

Several negative factors were at play today in the precious metals market resulting in weaker prices for platinum. The July platinum futures contract (PLN12) traded down $22 on a closing basis along with many other commodity markets, on the back of a firm U.S. dollar. Economic data out of China-showing a slowing manufacturing sector and less inflation along with lower inflation numbers out of the U.S. and weaker economic news out of India, over the past few days, left markets concerned about future global economic growth. The news about JP Morgan's trading loss and continued exposure to a badly constructed investment hedge, as well as continued negative news about the Spanish banking sector and Greece's political debacle soured the mood for the risk on trade in international markets.

Platinum basis the July futures contract PLN12 has been trading down and lost 16 percent of its value since February 29 intraday high. Worries over global growth political turbulence in Europe and a firm dollar has undermined PLN12 value. PLN12 is oversold based on several technical studies and has some fibonacci support around the1476 area along with WMA support. PLN12 has trendline support on weekly charts around 1417 and further Fibonacci support at 1340. The intermediate term trend appears to still be down and resistance comes in around 1508-1530 over the near term.

Commodity trading is not suitable for everyone. The risk of loss in trading can be substantial. The risk of loss in trading can be substantial. This material has been prepared by a sales or trading employee or agent of Van Commodities, Inc. and is, or is in the nature of, a solicition. This material is not a research report preparfed by Van Commodities, Inc. Research Department. Please view our Risk Disclaimer.

 
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