Platinum reborn?

(click to enlarge images)

Platinum appears to have reached the bottom of it's price channel and is embarking on a fresh new upswing. Today's action (not shown in the chart) has platinum breaching the 20 DMA cleanly. It needed to break through this level lest it become resistance. The timing is in tune with secondary indicators showing upward momentum is afoot.

The chart is not without trouble. Cautionary levels exist between $1190 and $1200. Recall that Platinum recently fell out of a well defined channel that began in November. This doesn't spell automatic doom, but it bears noting. This new upswing could be a simple retracement only to commence with more downward action. The space between $1190 and $1200 will tell that story.

It will need to work well past these level in order to go onto new highs. This might be an opportune level to more up stops if a trade has been entered at current levels ($1140).