Platinum Futures (PL1!) H4 | Pullback Support Zone at 50% Fibonacci Retracement
Platinum Futures (PL1!) H4 | Pullback Support Zone at 50% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 5.08
Pivot: 4.02
Support: 3.51
Preferred Case:
Looking at the H4 chart, the price could fall towards a pullback support and stabilize around this level before reversing to bounce higher toward the 1st resistance at 5.08.
Alternative Scenario:
Price may break below the Pivot at 4.02 and fall toward the 1st Support at 3.51.
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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.