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Platinum Daily Technical Analysis | 16 January 2018

2018-01-16 08:21 am | Resource: Technical Analysis Section | No Views : 331

Platinum failed to breach the resistance level of 1000.93 as a result of the weakness of the buyers' determination and the harmonic trading pattern as an ambassador to the point of completion, thus the Platinum bulls lack support.
 
Platinum Daily Technical Analysis | 16 January 2018

Platinum is still trading in a bullish direction and the simple moving average is still pointing upwards.
By analyzing the previous chart we notice that the harmonic trading model is a negative ambassador at 992 points, which is equal to the 0.782 correction. The model started in the configuration since last September.
Momentum RSI 14 is still trading in a bullish direction over the 4 hour interval but the weakness has become many and pressure on the bulls is increasing and the index failed to penetrate the 70 zones and also shows a negative technical deviation in formation and these factors represent a burden on the bulls should be eliminated before continuing to rise.
It is expected that if the Platinum crosses the $ 1000.93 level it might target the areas of 1013.42 on the other hand, if a breach of $ 1000.93 is not achieved, it might target 949.86: 920.40.
Support: 872.53- 953.14- 918.84
Resistance: 1000.93- 1013.42 - 1047.27
Trend: Up


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