MACD indicator able to generate buy signal
After the double top in spring, the platinum price went into reverse and moved below the blue downtrend line until the low in November. At this point, a strong and rapid upward impulse set in, causing the platinum price to rise by more than 10% – breaking above both average lines and the blue downward trend line. The price currently stands at just under 950 US dollars per ounce.
While the 200-day line is unfortunately still falling, it is positive to note that the 100-day line has been rising again since mid-November. December could decide whether the 100-day line succeeds in giving a technical buy signal by breaking above the 200-day line.
The MACD indicator was already able to generate such a signal when the blue line crossed upwards through the red line. The RSI (relative strength) was oversold at the low point and has already come close to an overbought signal again with the momentum of the price increase (this would be the case for values above 70 – as at the end of August). The trend confirmer also managed to jump back above the neutral 100 into the positive zone. The overbought/oversold indicator, which was briefly overbought at the end of October with a value above 2.0, has room for improvement but is currently classified as neutral to positive at 0.5.
Source: Comdirect
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