PLATINUM FUTURES (PL1!), H4 Potential for Bearish Drop
Type : Bearish Momentum
Resistance : 892.1
Pivot: 855.8
Support : 806.6
Preferred Case: On the H4, with price moving along a descending trendline and expected to reverse off the ichimoku cloud and the stochastic resistance, we have a bearish bias that price will drop from the pivot at 855.8 where the overlap resistance is to 1st support at 806.6 in line with swing low support and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 892.1 where the swing high resistance, 61.8% fibonacci retracement and 100% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 892.1
Pivot: 855.8
Support : 806.6
Preferred Case: On the H4, with price moving along a descending trendline and expected to reverse off the ichimoku cloud and the stochastic resistance, we have a bearish bias that price will drop from the pivot at 855.8 where the overlap resistance is to 1st support at 806.6 in line with swing low support and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 892.1 where the swing high resistance, 61.8% fibonacci retracement and 100% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.