Platinum Futures ( PL1! ), H4 Potential for Bearish Drop
Title: Platinum Futures ( PL1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 1068.8
Pivot: 1022.0
Support: 971.4
Preferred case: Looking at the H4 chart, my overall bias for PL1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market.
Expecting price to retest the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the support at 971.4 where the previous swing low is.
Alternative scenario: Price could possibly break the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the resistance at 1068.8, where the recent high is
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 1068.8
Pivot: 1022.0
Support: 971.4
Preferred case: Looking at the H4 chart, my overall bias for PL1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market.
Expecting price to retest the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the support at 971.4 where the previous swing low is.
Alternative scenario: Price could possibly break the pivot at 1022.0, where the overlap resistance and 38.2% Fibonacci line is before heading towards the resistance at 1068.8, where the recent high is
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results