PLATINUM FUTURES (PL1!), H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 951.1
Pivot: 938.1
Support : 927.5
Preferred Case: On the H4, with price moving above the ichimoku cloud and along the ascending trendline, we have a bullish bias that price will rise from our pivot at 938.1 in line with the pullback support to the 1st resistance at 951.1 in line with the 61.8% fibonacci projection, 61.8% fibonacci retracement and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 927.5 where the swing low support, 78.6% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
Resistance : 951.1
Pivot: 938.1
Support : 927.5
Preferred Case: On the H4, with price moving above the ichimoku cloud and along the ascending trendline, we have a bullish bias that price will rise from our pivot at 938.1 in line with the pullback support to the 1st resistance at 951.1 in line with the 61.8% fibonacci projection, 61.8% fibonacci retracement and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 927.5 where the swing low support, 78.6% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .