Friday, February 18, 2011

PLAT Platinum Daily Chart Negative Divergence Potential H&S

PLAT platinum chart has enjoyed upward momo like any other PM or commodity lately. January negative divergence spanked it down. Then it came back up to receive another negative divergence smack down seven days ago. Price now back up again to test the underside of the upward sloping lower trend line, so today's move will tell a lot.

Platinum price now has the potential of creating the right shoulder of an H&S. The neckline is at 1775 and this level was touched intraday four days ago. Should the neckline fail, 1700 would be in play and even 1630. The chart is weak and the weekly chart is in negative divergence as well so platinum should continue to roll over. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.

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