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#PLF
With the market ranging condition, as confirmed by #PLF which repeatedly crossing both EMAs, yet still under seller pressure where it is confirmed by RSI(14) in the Neutral-Bearish area, then in the near term Platinum has the potential to weaken toward its nearest support level.
Key Levels
1. Resistance. 2 : 2210.8
2. Resistance. 1 : 2162.2
3. Pivot : 2118.3
4. Support. 1 : 2069.7
5. Support. 2 : 2025.8
Tactical Scenario
Pressure Zone: If the price breaks down below 2069.7, there is potential for continued pressure toward 2025.8.
Momentum Extension Bias: If 2025.8 is also broken to the downside, #PLF may try to test 1977.2.
Invalidation level / Bias Revision
The downside bias is restrained if the price strengthens and breaks out above 2210.8.
Technical Summary
EMA(50) : 2110.6
EMA(200): 2104.7
RSI(14) : 47.19
Economic News Release Agenda:
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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