PLATINUM FUTURES (PL1!), H1 Potential for Bullish Rise
Type : Bullish Momentum
Resistance : 954.5
Pivot: 921.1
Support : 890.0
Preferred Case: On the H1, price is moving above the ichimoku cloud and is moving along ascending trendline which supports our bullish bias that price will rise from the pivot at 921.1 where the overlap support and 50% fibonacci retracement are to the intermediate resistance at 944.3 where the -61.8% fibonacci expansion, 78.6% fibonacci retracement and pullback resistance. Once we have upside confirmation that price has broken past intermediate resistance, we would expect bullish momentum to carry price to 1st resistance at 954.5 in line with swing high resistance.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 890.0 in line with the swing low support and -61.8% fibonacci expansion .
Fundamentals: As the DXY strengthen, we have a weak bullish view towards platinum.
Resistance : 954.5
Pivot: 921.1
Support : 890.0
Preferred Case: On the H1, price is moving above the ichimoku cloud and is moving along ascending trendline which supports our bullish bias that price will rise from the pivot at 921.1 where the overlap support and 50% fibonacci retracement are to the intermediate resistance at 944.3 where the -61.8% fibonacci expansion, 78.6% fibonacci retracement and pullback resistance. Once we have upside confirmation that price has broken past intermediate resistance, we would expect bullish momentum to carry price to 1st resistance at 954.5 in line with swing high resistance.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 890.0 in line with the swing low support and -61.8% fibonacci expansion .
Fundamentals: As the DXY strengthen, we have a weak bullish view towards platinum.