PLATINUM FUTURES (PL1!), H1 Potential for Bearish Drop
Resistance : 924.7
Pivot: 901.4
Support : 874.9
Preferred Case: On the H1, price is moving below the ichimoku cloud which gives us a bearish bias that prices will drop to the pivot at 901.4 where the 78.6% fibonacci projection and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect bearish momentum to carry prices to 1st support at 874.9 where the 61.8% fibonacci projection , 78.6% fibonacci projection and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price may rise to the 1st resistance level at 924.7 in line with the pullback resistance and 38.2% fibonacci retracement .
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
Pivot: 901.4
Support : 874.9
Preferred Case: On the H1, price is moving below the ichimoku cloud which gives us a bearish bias that prices will drop to the pivot at 901.4 where the 78.6% fibonacci projection and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect bearish momentum to carry prices to 1st support at 874.9 where the 61.8% fibonacci projection , 78.6% fibonacci projection and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price may rise to the 1st resistance level at 924.7 in line with the pullback resistance and 38.2% fibonacci retracement .
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Feragatname
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