Technical analysis

Platinum Wave Analysis – 8 July, 2021

• Platinum reversed from resistance level 1111.0
• Likely to fall to support level 1050.00

Platinum recently reversed down from the key resistance level 1111.0 (former monthly low from March), intersecting with the 38.2% Fibonacci correction of the downward impulse from May.

The downward reversal from the resistance level 1111.0 started the active short-term impulse wave 5, which belongs to the intermediate impulse wave (C) from the May.

Platinum can be expected to fall further toward the next support level 1050.00 (low of the previous minor correction (b) from June).

Article Rating
Rate this post