Type:
Bullish Rise
Key Levels:
Resistance: 951.1
Pivot: 938.1
Support: 927.5
Preferred Case:
On the H4, with price moving above the ichimoku cloud and along the ascending trendline, we have a bullish bias that price will rise from our pivot at 938.1 in line with the pullback support to the 1st resistance at 951.1 in line with the 61.8% fibonacci projection , 61.8% fibonacci retracement and swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support at 927.5 where the swing low support, 78.6% fibonacci retracement and 61.8% fibonacci projection are.
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.