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Platinum might have set un a long-term base

Platinum might have set un a long-term base

Platinum NYMEX:PL1!

The precious metals markets are looking pretty bullish right now, and I think that platinum might have set in a major base at $1150 in February. It's still too early to determine whether or not the down trend in place since last July is over, but technicals are telling me that a long term low might be established if all metals rally in March. The risk/reward ratio for a long strategy with a stop below $1140 (watch out for spreads on this metal) appears attractive, and my first upside target is at $1290. If all goes well, a new rally will lead to a breach above $1300 later this year. I'm bullish above $1150 and will remain confident on this strategy so long as platinum remains above $1180 (horizontal monthly support).