Technical analysis

Platinum Wave Analysis – 17 December , 2018

Platinum Wave Analysis – 17 December , 2018
  • Platinum reversed from resistance level 805.00
  • Further losses are likely

Platinum recently reversed down from the pivotal resistance level 805.00 (former support from the end of September).

The downward reversal from this resistance level started the active medium-term impulse wave (3), which belongs to the longer-term downward impulse sequence from the start of November.

Platinum is expected to fall further in the active impulse wave (3) and re-test the next support level 780.00 (low of the impulse (1)) – the breakout of which can lead to further losses toward the next strong support level 755.00 (multi-month low from August).

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