Technical analysis

Platinum Wave Analysis – 23 December, 2022

Platinum Wave Analysis – 23 December, 2022

• Platinum reversed from support level 975.65

• Likely to rise to resistance level 1040.00

Platinum recently reversed up from the key support level 975.65 (former monthly high from August), intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from September.

The upward reversal from the support level 975.65 is likely to form the daily Bullish Engulfing today – similar to how it formed the daily Morning Star earlier this month.

Platinum can be expected to rise further toward the next resistance level 1040.00 (top of the earlier waves 5, A and C).

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