Type:
Bullish Rise
Key Levels:
Resistance: 891.0
Pivot: 850.8
Support: 832.0
Preferred Case:
On the H1, with prices moving above the ichimoku cloud and has broken the descending trendline, we have a bullish bias that price will rise from the pivot at 850.8 in line with the pullback support and 50% fibonacci retracement to the 1st resistance at 891.0 where the pullback resistance, 127.2% fibonacci extension and 61.8% fibonacci retracement are.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support level at 832.0 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.