XPT/USD pops-up with bearish formations but no substantiation

FX_IDC:XPTUSD   Platinum / U.S. Dollar
54 0 5
XPT/USD pops-up with bearish formations but no supplementary substantiation, likely to slide but to maintain range:

After three months of bear streaks, the bulls in platinum             prices have at last found a support at 926.40 levels.

Thereby, we reckon that the major downtrend appears to be in the consolidation phase.

For now, shooting star pattern has occurred at 986.50 levels sensing stiff resistance at 1001.71 levels.

Advice is that not to get bear trapped, shooting star needs confirmation.

RSI: Healthy bullish convergence signal strength in rallies on daily terms but decisive on monthly terms as it evidences divergence to the price dips that signal strength in the reversal in last three months price declines.

Stochastic: This leading oscillator approaches the overbought territory but no traces of %D crossover.

MACD: The upswings likely to extend in short-run, in the long run the price behavior looks to be decisive but bullish bias.

Overall, it appears that the prices to have been corrected more than needed. The price correction made sense if strikes are unlikely but the extent of the pullback looks overdone. Hence, we could foresee platinum             price drift in the range between 1029 on the north and 926.40 on the south side in next 1 months’ time.

Platinum             ( XPT             ) climbed to $992 while palladium             (XPD) rose 0.1 pct to $520.47.

Fundamentally, with the wage agreements apparently in place in South Africa’s platinum             industry, the latest threat of strikes has passed. Last week we wondered if this was going to be a ‘sell the rumor, buy the fact’ situation.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out