Type:
Bullish Rise
Key Levels:
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 swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support level at 806.9 in line with the swing low support and 78.6% fibonacci projection .
Fundamentals:
As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
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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.