PLATINUM FUTURES (PL1!), H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 974.7
Pivot: 941.5
Support : 919.7
Preferred Case: On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 941.5 in line with the overlap support and 23.6% fibonacci retracement to 1st resistance at 974.7 in line with the 78.6% fibonacci projection and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 919.7 where the swing low support, 78.6% fibonacci retracement and 100% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation, we have a weak bullish view on platinum.
Resistance : 974.7
Pivot: 941.5
Support : 919.7
Preferred Case: On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 941.5 in line with the overlap support and 23.6% fibonacci retracement to 1st resistance at 974.7 in line with the 78.6% fibonacci projection and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 919.7 where the swing low support, 78.6% fibonacci retracement and 100% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation, we have a weak bullish view on platinum.