PLATINUM FUTURES (PL1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 891.7
Pivot: 870.5
Support : 850.3
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 870.5 where the pullback resistance is. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 891.7 where the swing high resistance, 100% fibonacci projection and 161.8% fibonacci extension.
Alternative scenario: Alternatively, price could drop to the 1st support at 850.3 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection.
Fundamentals: Due to the increased strength of DXY, we have a bearish view on precious metals like platinum. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 891.7
Pivot: 870.5
Support : 850.3
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 870.5 where the pullback resistance is. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 891.7 where the swing high resistance, 100% fibonacci projection and 161.8% fibonacci extension.
Alternative scenario: Alternatively, price could drop to the 1st support at 850.3 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection.
Fundamentals: Due to the increased strength of DXY, we have a bearish view on precious metals like platinum. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.