Platinum Futures at a Crucial Threshold
The price of Platinum is currently trading near a major make-it-or-break-it point, whose further development entails excellent trading opportunities.
On the one hand, the breakdown of the price below the lower boundary of the Flag and the 100-day MA (in blue) signifies a potential correction to the 38.2% Fibonacci retracement.
On the other, the Stochastic RSI suggests that the market is oversold. Given that the price is also consolidating above the 23.6% Fibonacci at present, bulls can use this as an indication that the market may have already bottomed out. Hence, they can look for an opportunity to enter long right away
On the one hand, the breakdown of the price below the lower boundary of the Flag and the 100-day MA (in blue) signifies a potential correction to the 38.2% Fibonacci retracement.
On the other, the Stochastic RSI suggests that the market is oversold. Given that the price is also consolidating above the 23.6% Fibonacci at present, bulls can use this as an indication that the market may have already bottomed out. Hence, they can look for an opportunity to enter long right away
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