Technical analysis

Platinum Wave Analysis – 23 June, 2021

• Platinum reversed from support zone

• Likely to rise to resistance level 1111.5

Platinum recently reversed up with the daily candlestick pattern Bullish Engulfing from the support zone lying between the key support level 1023.00 (which reversed the price in January), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price move from September.

The upward reversal from this support zone stopped the downward impulse wave (3) and started the active correction (4).

Platinum can then be expected to rise further toward the next resistance level 1111.5 (former monthly low from March and the target for the completion of the active wave (4))

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