Platinum Futures ( PL1!), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 975.5
Pivot: 940.7
Support: 914.0
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing the Ichimoku cloud and breaking ascending channel , which indicate a bearish market. The price may drop from the pivot at 940.7, which is in line with the 38.2% fibonacci retracement to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are.
Alternative scenario: Price may rise to the 1st resistance at 975.5, where the swing highs are.
Fundamentals: There are no major news.
Resistance: 975.5
Pivot: 940.7
Support: 914.0
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing the Ichimoku cloud and breaking ascending channel , which indicate a bearish market. The price may drop from the pivot at 940.7, which is in line with the 38.2% fibonacci retracement to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are.
Alternative scenario: Price may rise to the 1st resistance at 975.5, where the swing highs are.
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