XPTUSD (Platinum) Trend Reversal ahead!
Updated
Platinum is a rare but highly interesting metal, well suited for many use-cases.
One use-case might be to open a short position.
For about a week,
XPTUSD has formed higher lows on the 4h chart.
On the other hand - momentum fell on Wednesday, then rose again but then took another dip.
As a result of rising prices and falling momentum, we have a bearish divergence situation.
This bearish divergence is an indication of a potential trend reversal.
There are two indicators that support the hypothesis of a trend reversal:
Of course, there's no guarantee but there are at least 3 signs (divergence, RSI oversold, MACD crossover) that usually occur when a trend is about to reverse.
The profit target is the weekly pivot at around 903.232
One use-case might be to open a short position.
For about a week,
XPTUSD has formed higher lows on the 4h chart. On the other hand - momentum fell on Wednesday, then rose again but then took another dip.
As a result of rising prices and falling momentum, we have a bearish divergence situation.
This bearish divergence is an indication of a potential trend reversal.
There are two indicators that support the hypothesis of a trend reversal:
- RSI was overbought and now keeps falling
- MACD is about to cross the signal line
Of course, there's no guarantee but there are at least 3 signs (divergence, RSI oversold, MACD crossover) that usually occur when a trend is about to reverse.
The profit target is the weekly pivot at around 903.232
Trade closed: target reached
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