Box Formation and W Formation is showing on the Daily chart of PLatinum.
We do need the price to close above the neckline of both patterns to really confirm upside to come.
So far the MAs are also confirming a bullish inclination along with the rising uptrend.
Price >20 and crossing 200MA
Bullish bias
Target $1,132
Let's drill into the fundamentals for the...
Hello There!
Welcome to my new analysis about PLATINUM FUTURES on the global timeframe perspective. The precious metals market is moving into a decisive momentum within the recent times as developments within the financial markets point to a continuation of exceptionally high interest rates within vast majorities of economies and a continuation of hawkish...
Platinum is on its way downwards to develop wave Y in light green and still has got room to expand. Indeed, there is a 30% chance that the price could even drop into the green zone between $758 and $659, establishing the low of wave Alt.Y in light green instead. Primarily, though, we expect platinum to turn upwards before reaching the green zone.
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...
Type : Bullish Rise
Resistance : 871.0
Pivot: 832.1
Support : 806.9
Preferred Case: On the H4, with RSI moving along an ascending trendline and price breaking out of a descending channel, we have a bullish bias that price will rise from the pivot at 832.1 where the pullback support and 61.8% fibonacci retracement are to the 1st resistance at 871.0 in line with...
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...
Type : Bullish Rise
Resistance : 891.0
Pivot: 850.8
Support : 832.0
Preferred Case: On the H1, with prices moving above the ichimoku cloud and has broken the descending trendline, we have a bullish bias that price will rise from the pivot at 850.8 in line with the pullback support and 50% fibonacci retracement to the 1st resistance at 891.0 where the pullback...
Type : Bullish Momentum
Resistance : 954.5
Pivot: 921.1
Support : 890.0
Preferred Case: On the H1, price is moving above the ichimoku cloud and is moving along ascending trendline which supports our bullish bias that price will rise from the pivot at 921.1 where the overlap support and 50% fibonacci retracement are to the intermediate resistance at 944.3 where...
Type : Bearish Drop
Resistance : 924.7
Pivot: 901.4
Support : 874.9
Preferred Case: On the H1, price is moving below the ichimoku cloud which gives us a bearish bias that prices will drop to the pivot at 901.4 where the 78.6% fibonacci projection and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect...
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%...
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...
Type : Bearish Momentum
Resistance : 974.4
Pivot: 952.7
Support : 924.4
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 952.7 in line with the overlap resistance to the 1st support at 924.4 in line with the swing low support and 127.2% fibonacci extension.
Alternative...
