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.