Imagine Meeting a Platinum Shark
- Posted by Greg Harmon
- on February 6th, 2013
You probably have an image in your head of a heading out into the ocean for your winter Caribbean vacation, or the Jaws exhibit at Universal Studios, or even walking through the Shark tank tubes at the aquarium. And whether it is a fake shark or there is 6 inches of tempered glass between you and him, you are a bit fearful. Well I have a different platinum Shark in mind, but it is equally fearful to investors. The chart for the Platinum ETF, $PPLT, below is in the process of completing a Shark Harmonic pattern, and what is worse it is bearish. Take a look.
This chart appears to be nearing a resistance zone at 169.30 and many would play a breakout over that as a significant upside play. But the Bearish Shark suggests that a Potential Reversal Zone exists just over head between 168.75 and 171.473. What is more even if it gets through that top at 171.73 the extended Reversal Zone continues on to 175.71. It would take a move over 176 and then continuation for a Harmonic trader top give up on the reversal. So what do you see in Platinum, a pending break out? Or a Bearish Shark Reversal?
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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