Quick and Dirty Platinum long chance

For over a year, we have neither considered nor touched Platinum. No wonder, mainly the metal swings for 13 months totally boring in a more or less tight sideways channel measuring about 110$.

Not that this is likely to change in the foreseeable future, but it is offering probably an ideal long entry point for the next backtest of the Big Round 900$ threshold.

Actually the metal is in bull mode and shows a next somewhat stronger daily and weekly upcycle. But in the Big Picture this should only be the next countertrend swing in the dominant bear market.

Uptrend looks like it wants to test back the Big Round 900$ MEGA resistance upmagnet again. Until perhaps end of July, resp. very early August, as it looks like. For today`s analysis I use PL # (Platinum Continuous Futures Contract), and we just need the daily time frame charts...

After important late-May 2019 cycle low a classic 5 Fib number up setup unfolded:

This # 1 // May 2019 Low is a small higher low compared to likely final low of entire 2019 which is printed mid-Feb19 at 780.9$. Above setup looks valid cause of blue oval backtest of Blue Arc, former day high resistance and red oval, which highlights former daily resistance caused by natural 1st double arc uptarget magnet. Also watch previous behaviour at 1*2 and 1*1 Angle, both together are now nicely confirmed supports of the cycle.

Market conquered the 1*1 Angle finally at Wednesday close that was double GUNNER24 Buy Signal on daily base cause this closing auction was able to overcome both resistances of 1*1 Angle and upper line of 2nd double arc in one go!

Current signal state is that uptrend was able to overcome 2nd double arc finally on Wednesday and this bullish message has activated a test and the work off of lower line of 3rd double arc in trend direction.

Setup is additionally confirmed cause 881$ G24 Horizontal Resistance is responsible for now underway daily downswing. Check, that this 881$ G24 Horizontal is stronger and precise daily closing base resistance!

That`s why a coming first daily close above 881.00$ should trigger uptrend continuation into Big Round 900$ W.D. Gann number backtest uptarget magnet which forms exactly on August 1 through the lower line of 3rd double arc uptarget, along with the decending dark-red dotted heavy resistance rail, defined by the most important swing highs of this year.

==> Unusually easy to identify target of this uptrend is the annual resistance up magnet at exactly 900.00$, which will probably be tested back again in course of August 1st.

==> GUNNER24 Method offers important PL # uptarget at 900$ for August 1!! Please take care that a next 900$ hit would mean the second test of the 2019 Top Rail which marks reached 2019 highs so far.

Nearest strongest daily support is 1*1 Bull Market Angle, that for Monday runs accurately at 866.00$.

An extra class of well-confirmed support that has crystallized over the last 3 trading months is this dark-green dotted sketched Bowl.

Bowl is so far 10 times PRECISE tested day low support since end of April and is chasing market higher and higher. Et al responsible for the important higher late-May cycle low. Perhaps Bowl support acts as support on annual base. But in any case, Bowl offers always support on daily low base since uptrend was triggerd.

==> It means the best-possible, because absolutely risk-poor long-entry. Bowl support for Monday also is at 866$!

Bowl support & 1*1 Bull Market Angle form unusal easy to identify and unsually extra-ordinary strong daily support magnet which is at 866$ for the next trading day, Monday, 29th of July.

==> Long order for PLV9 Platinum October 2019 contract at 866.00$. 866$-Buy-Limit oder is JUST valid for Monday, 07/29/2019!