Platinum Futures (PL1!) H1 | Resistance at Fibonacci Confluence
Type:
Bearish Reversal
Key Levels:
Resistance: 1,033.50
Pivot: 1,006.90
Support: 957.50
Preferred Case:
Looking at the H4 chart, my overall bias for platinum futures (PL1!) is bearish due to the price trading within a strong resistance zone that is identified by a Fibonacci confluence between two 127.2% extension levels and an overlap resistance. The price could reverse off the Pivot and fall towards the 1st Support at 957.50
Alternative Scenario:
Price may break above the Pivot at 1,006.90 and rise towards the 1st Resistance at 1,033.50
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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.