Platinum Futures (PL1!) H4 | Overlap Resistance at 61.8% Fibonacci Retracement
Platinum Futures (PL1!) H4 | Overlap Resistance at 61.8% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 981.00
Pivot: 963.10
Support: 928.30
Preferred Case:
Looking at the H4 chart, the price could rise towards an overlap resistance and stall once more before reversing to fall lower. The bearish momentum could cause the price to drop towards the 1st Support at 928.30.
Alternative Scenario:
Price may break above the Pivot at 963.10 and rise towards the 1st Resistance at 981.00.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.