Platinum Futures (PL1!) D1 | Pullback Resistance at 38.2% Fibonacci Retracement
Platinum Futures (PL1!) D1 | Pullback Resistance at 38.2% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 1,030.80
Pivot: 1,006.70
Support: 955.60
Preferred Case:
Looking at the D1 chart, the price is rising towards a pullback resistance where it could stall before reversing to fall lower. The bearish momentum could cause the price to drop towards the 1st Support at 955.60.
Alternative Scenario:
Price may break above the Pivot at 1,006.70 and rise towards the 1st Resistance at 1,030.80.
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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.