PLATINUM FUTURES (PL1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 871.0
Pivot: 832.1
Support : 806.9
Preferred Case: On the H4, with RSI moving along an ascending trendline and price breaking out of a descending channel , we have a bullish bias that price will rise from the pivot at 832.1 where the pullback support and 61.8% fibonacci retracement are to the 1st resistance at 871.0 in line with swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 806.9 in line with the swing low support and 78.6% fibonacci projection .
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
Resistance : 871.0
Pivot: 832.1
Support : 806.9
Preferred Case: On the H4, with RSI moving along an ascending trendline and price breaking out of a descending channel , we have a bullish bias that price will rise from the pivot at 832.1 where the pullback support and 61.8% fibonacci retracement are to the 1st resistance at 871.0 in line with swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 806.9 in line with the swing low support and 78.6% fibonacci projection .
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